Looking past Turkey's gold sales, central banks continued to buy gold in May Turkeysgoldsales centralbanks gold
- Unprecedented domestic demand for gold continues to impact Turkey's official reserves as the central bank sold significant amounts of the precious metal in May, going against the prevailing trend in the marketplace, according to the latest report from the World Gold Council.
"Since March, the central bank has sold nearly 160t, equivalent to its cumulative purchases over the preceding 12 months," Gopaul wrote in the report."Excluding Türkiye's sales, the positive trend in central bank buying continued." Turkey has seen inflation fall for the last eight months, but it remains extremely elevated, rising 38.2% in the last 12 months as of June.
On the purchasing side, the National Bank of Poland led the gold buyers last month, increasing its reserves by 19 tonnes. The latest purchases push Poland's gold reserves to a record high of 263 tonnes. "There is little publicly-available information around this activity, but suggestions are that the sales of gold have been used to finance the budget deficit," he said.
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