Turkey Leads in Global Gold Acquisition in January

In January, Turkey secured its position as the top gold purchaser worldwide, with a significant acquisition of 23 tonnes of the precious metal. This purchase brought the country’s total gold reserves to an all-time high of 565 tonnes, as reported by the World Gold Council.

Globally, central banks increased their gold holdings by a net total of 31 tonnes in January, marking a 16% rise from the previous month. China’s People’s Bank and the National Bank of Kazakhstan followed Turkey as the second and third largest buyers, adding 15 tonnes and 4 tonnes to their reserves, respectively.

Gold’s Role as a Financial Safeguard in Turkey

Turkey’s strategy of gold accumulation over recent months, positioning it as the foremost buyer among central banks last year, underscores the metal’s value as a defense against economic uncertainties. Gold enjoys popularity among Turkish citizens as well, serving as a protective asset against currency devaluation and inflation.

Following the catastrophic earthquakes, Turkey momentarily halted certain gold imports to address economic challenges, highlighting efforts to curb gold imports to support its weakening external financial standing.

Related Post


Learn How A Precious Metals IRA Can Secure Your Retirement

The precious metals market may seem intimidating, but it’s not as it seems. Our team has compiled a summary of our tips and information into a free guide so you can learn how to begin securing your future.


We Will Guide You Every Step Of The Way


By clicking the button above, you agree to our Privacy Policy and Terms of Service and authorize Oxford Gold or someone acting on its behalf to contact you by text message, ringless voicemail, or on a recorded line at any telephone or mobile number you provide using automated telephone technology, including auto-dialers, for marketing purposes. No purchase required. Message and data rates may apply. You also agree to receive e-mail marketing from Oxford Gold, our affiliated companies, and third-party advertisers. To opt-out at any time click here or reply STOP to opt-out of text messages.