After attempts to revive a Bretton Woods based system failed, governments formally abandoned the two-tier gold market in 1973. Gold’s official role in the international monetary system finally ended in 1978, when the 2nd amendment to the articles of the IMF came into effect. This amendment prohibited member countries from linking their exchange rates to gold.
Nevertheless, gold still retained certain monetary functions and is still considered by some as "the ultimate form of payment" today. Its main formal use is as a reserve asset for central banks - for whom it ranks third place after the dollar and euro. Gold is popular as a means of saving in Asia and the Middle East and at times forms the basis of transactions (for example property sales in Vietnam often use gold).