Central Bank of the Republic of Turkey Resumed Gold Purchases in August
According to World Gold Council data for August, global central banks' net gold purchases reached 39 tonnes. Turkey resumed purchases following a three-month selling period.
According to data released by the World Gold Council, global central banks' net gold purchases rose to 39 tonnes in August. The Central Bank of the Republic of Turkey also took a step toward buying again by adding 3 tonnes of gold to its reserves in August, following a three-month selling period.
Global Central Bank Purchases
According to World Gold Council data for August, global central banks' net gold purchases increased compared to the previous month, reaching 39 tonnes. The total net gold purchase amount reported in the first eight months of the year was recorded at 170 tonnes.
CBRT Makes Purchases After Three Months
Following net sales in May, June, and July, the Central Bank of the Republic of Turkey shifted back to the buying side in August. While the bank added 3 tonnes of gold to its reserves during the month, its net sales for the year overall stand at the level of 82 tonnes.
China and Poland's Reserve Status
The country that bought the most gold in August was China with 20 tonnes, extending its uninterrupted purchasing streak to 22 months. Meanwhile, Poland positioned itself as the largest buyer overall for the year with total purchases of 98 tonnes.
Gold Moves by Other Countries
Uzbekistan with 8 tonnes, Kazakhstan with 7 tonnes, and Czechia with 2 tonnes were among the other central banks that increased their reserves by purchasing gold in August.
Russia and Jordan Made Sales
Despite the general buying trend, the Central Bank of Russia sold 6 tonnes of gold and the Central Bank of Jordan sold 3 tonnes of gold in August.