It is six months since European central banks announced they were renewing the gold-selling pact that has helped stabilise prices over the past five years. But a week before it comes into force, gold traders are waiting nervously for the details on who will be selling how much.

The biggest uncertainty is whether the 15 signatories to the new accord will be able to sell the maximum 500 tonnes a year set for the new five-year pact, up on the 400 tonnes a year under the existing sales programme. Central bankers say there are enough sellers of gold among the European central banks to fulfil the planned sales quota. But bullion traders say not enough central banks have committed to selling their bullion under the new pact. They see this as a sign that the banks may struggle to dispose of all the gold for sale.