By Will Horner

 

Turkey's gold reserves reached their highest level since 2020 in August, bucking a trend of slowing central bank gold buying during the summer, according to the World Gold Council.

The country's central bank added 9 metric tons of gold to its reserves in August, one of the few central banks to add to their gold holdings.

The move adds to the bank's position as the largest central bank buyer of gold so far this year. Turkey's total gold holdings have risen by 84 tons so far this year to 478 tons, its highest level since the second quarter of 2020, the WGC said in July.

Turkey's buying in August puts it in contrast to lackluster demand from other global central banks. Total central bank buying of gold halved month-on-month to just 20 tons. Only Turkey, Kazakhstan and Uzbekistan added to their gold reserves.

"Gold-related activity among central banks was muted in August; only a handful of banks meaningfully contributed to the overall monthly total," said Krishan Gopaul, senior analyst of the World Gold Council.

 

Write to Will Horner at william.horner@wsj.com

 

(END) Dow Jones Newswires

September 29, 2022 07:22 ET (11:22 GMT)

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