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Turkey Remained the World’s Largest Gold Purchaser in January, Adding 23 Tons to Reserves

According to data from the World Gold Council, Turkey continued to be the world’s largest gold purchaser among global central banks in January, adding 23 tons of gold to its reserves. This follows Turkey’s trend of hoarding gold for months and being the biggest gold buyer in the world last year.

Turkey’s current gold holdings stand at a record high of 565 tonnes, making it one of the largest holders of gold reserves in the world. Gold remains a popular commodity among Turkish households, who use it as a hedge against currency risks and inflationary pressures.

Global central banks added 31 tonnes of net gold to their reserves in January, increasing their purchases by 16% from December. The People’s Bank of China and the Central Bank of Kazakhstan were the second and third largest buyers of gold, adding 15 tonnes and 4 tonnes, respectively.

The demand for gold has remained strong amid the ongoing pandemic, geopolitical tensions, and uncertainties surrounding the global economic recovery. The World Gold Council expects this trend to continue as investors seek safe-haven assets and diversify their portfolios.

In summary, Turkey’s continued purchase of gold in January cements its position as the world’s largest gold purchaser among global central banks, with the country’s record-high gold holdings reflecting the popularity of the precious metal as a store of value among Turkish households.

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