- Turkey bought 23 tonnes of gold in January, making it the biggest buyer of the precious metal among central banks globally over the period.
- Central banks around the world added a net 31 tonnes of gold to their reserves in January, increasing their purchases by 16% from December.
- Gold is popular among Turkish households as a hedge against currency and inflation pressures.
Middle East — Economy — Gold — Inflation — Investment — Turkey
Turkey Maintains Status as World’s Biggest Gold Buyer in January
Turkey was the biggest gold buyer among central banks in January, purchasing 23 tonnes of gold. Gold is a hedge against currency and inflation pressures for Turkish households.