(Kitco News) Turkey’s central bank is offloading its gold reserves to help meet high domestic demand after curbing precious metals imports in February, Bloomberg reported.
Turkey has seen a surge in gold demand in the past year as citizens embraced the precious metal as a hedge against inflation, which ran at a pace of over 85% at one point last year, and local currency devaluation.
The central bank’s data showed that gold reserves fell 9% in the last seven weeks.
Turkey also sold 15 tonnes of gold in March, the World Gold Council reported. This marked the first monthly net sale since November 2021 and lowered the country’s reserves to 572 tonnes.
Turkey’s gold consumption saw a huge jump last year, with the country’s central bank being the top gold buyer.
www.kitco.com/news/2023-04-28/Turkey-is-selling-off-its-gold-reserves-to-meet-surging-domestic-demand.html