The Strategist

Turkey retains status of the world's largest buyer of gold

03/07/2023 - 10:03

Turkey's central bank, the biggest gold buyer in the world, purchased 23 tons of the precious metal in January.

Mark Herpel
Mark Herpel
According to Bloomberg, Turkey's central bank purchased 23 tons of gold in January, which made it the biggest buyer of the precious metal globally during this time. The nation currently has 565 tons of gold, which is the highest quantity ever recorded, according to the World Gold Council.

The People's Bank of China and the National Bank of Kazakhstan were the second and third biggest gold buyers with purchases of 15 tons and 4 tons of the precious metal, respectively.

According to Bloomberg, Turkey is the world's biggest purchaser of gold as a hedge against inflation. The nation's central bank was the biggest purchaser of the precious metal among monetary officials last year, and it has been stockpiling gold for months. Turkish families also favor gold, which they use as protection against currency and inflationary pressures.