Turkey Lifted Gold Reserves in August Amid Lackluster Central Bank Demand, WGC Says
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
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
Write to Will Horner at email@example.com
(END) Dow Jones Newswires
September 29, 2022 07:22 ET (11:22 GMT)
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