1.   Central banks in the Netherlands, Argentina, Australia and Belgium all sold gold reserves during the last two years.

2.   Central banks also may be avoiding selling reserves on concern that such sales would only drive prices lower, making their remaining holdings less valuable.

3.   Central banks are likely like to sell gold reserves in favor of more profitable assets such as interest-bearing government bonds, traders said.

4.   Concern that central banks would sell reserves has weighed on the gold market since the beginning of the year.

5.   European central banks also are selling gold reserves.

6.   European central banks are also selling gold reserves.

7.   Expectations that European central banks may sell gold reserves to reduce budget deficits to qualify for the European single currency, or euro, also shadows the market.

8.   Gold prices are probably falling because European central banks are selling some reserves and mining companies are selling large parts of their future production, Flores said.

9.   Gold also fell on speculation that a European central bank is selling gold reserves, traders said.

10.   Gold futures rose amid expectations that central banks will refrain from selling gold reserves at a time when prices are low.