European national central banks, together with the European Central Bank (ECB), refused an agreement limiting the sale of gold to the Central Bank.
The agreement itself was first signed in 1999 and renegotiated every 5 years, but now regulators do not see the need for renegotiation.
This is due to the fact that central banks are now more interested in buying a precious metal, rather than selling it.
"Signatories confirm that gold remains an important element of global monetary reserves, continuing to provide the benefits of asset diversification, and that none of them currently plans to sell significant amounts of gold," the ECB said in a statement.
A report by the World Gold Council said monetary authorities continue to build up gold reserves. 11% of developing countries announced their intention to replenish their reserves during the year (12% last year), and the total demand from central banks reached 651 tons, the highest level in the current international financial system.
Interest in gold spurs increased risk for reserve currencies; in the medium term, central banks expect that its role will increase – along with the Chinese yuan.