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Why did Turkey sell nearly 100 tonnes of gold in April and March?
After buying more gold than any other central bank in 2022, Turkey went on a selling spree, offloading 81 tonnes in April and 15 tonnes in March. Analysts point to surging domestic demand and limited gold imports as the reasons for this new trend. The country's official gold reserves fell by 80.8 tonnes in April to 491.2 tonnes, said World Gold Council's (WGC) senior analyst Krishan Gopaul, citing data from the Central Bank of Turkey. "The gold was sold into the domestic market to meet local demand," Gopaul said in a Twitter post. Also, the central bank's foreign currency reserves dropped by 15% to $9.5 billion ... (full story)
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- Posted: May 25, 2023 9:01pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 90
