This may, on the face of it, seem like a remarkable about turn from central banks, which were a source of very strong gold demand in Q1. But the country-level data reveals that, far from a sudden wave of central bank selling, the drop in reserves was primarily due to Türkiye (Chart 2). The Central Bank of Türkiye reported a decline in its official gold reserves of 81t, reducing its total gold reserves to 491t. Our analysis, based on published data and in-market conversations, indicates that this was a specific response to local dynamics rather than a change to their long-term gold policy: the gold was sold into ... (full story)