- After three months of net selling, central banks once again became net buyers of gold in June as the central bank of Turkey again played a pivotal role, according to data from the World Gold Council.
After three months of selling, Turkey bought 11 tonnes of gold in June. However, Turkey has a fairly big hill to climb to get its gold reserves back to where they were at the start of the year. Even after its purchase in June, the central bank has seen its gold holdings drop by 100 tonnes this year. "This is the third consecutive month of buying from the bank, which last year indicated that it planned to add 100t to its gold reserves. The NBP has added 48t y-t-d, pushing its total gold holdings to 277t," Gopaul said.
June's central bank purchases align with the broader trend in the marketplace. Last week the WGC said that central bank gold demand in the second quarter totaled 102.9 tonnes, down 39% compared to unprecedented demand reported in the second quarter of 2022.