Turkish gold imports surged due to a sharp increase in investment demand as well as renewed Central bank purchases.
While the Chinese and Russian governments have been adding gold to their official reserves over the past several years, Turkey added 86 metric tons to its official holdings in the last seven months of 2017.
According to the 2018 World Gold Survey, Turkish official gold holdings reached a new record high of 565 metric tons (mt) last year as the government decided to replace a significant amount of its Dollar reserves with gold.
And, this continued even in the first quarter of 2018. Information from the World Gold Council’s Demand Trend reported that Turkey added another 30 mt of gold to its official reserves in Q1 2018…