TCMB continues gold purchases

According to the data of the World Gold Council, the Central Bank of the Republic of Turkey (TCMB) added 9 tons of gold to its gold reserves in August. Thus, reserves reached their highest level since the second quarter of 2020. According to the data of the World Gold Council, the Central Bank of the Republic of Turkey (TCMB), which is the largest gold buyer central bank this year, continued to purchase gold in August. According to the data kept by the council on the gold reserves of central banks, the TCMB acquired 9 tons of gold in August. Thus, the TCMB's gold purchases increased to 84 tons since the beginning of the year. Total reserves reached their highest level since the second quarter of 2020 with 478 tons. Uzbekistan also added 9 tons of gold to its reserves in August. The amount of gold acquired by the country since the beginning of the year was 19 tons. When we look at central banks in general, it was observed that gold purchases slowed down in August. According to the data of the council, although central banks were net buyers of gold in August, purchases decreased to 20 tons during this period. As of August, the central bank that acquired the most gold in the world this year was the TCMB, followed by the central banks of Egypt, Iraq, India and Uzbekistan. According to the TCMB's weekly data, gold reserves exceeded $41 billion in August, but fell below $40 billion in September.