Turkey’s gold reserves have reached a new milestone, reaching an all-time high of 584.93 tonnes in the second quarter of 2024. This marks a significant increase from 570.30 tonnes in the previous quarter, according to data from the World Gold Council.
The country has been aggressively expanding its gold reserves in recent years, driven by a desire to diversify its foreign exchange reserves and hedge against geopolitical risks. Since 2016, the Turkish Central Bank has purchased nearly 300 tonnes of gold, significantly boosting its holdings.
Turkey buys gold on a large scale
“Turkey’s decision to increase its gold reserves is a strategic move in line with other major economies like Russia and China,” said Frank Knopers, an expert on gold investments. “Gold offers a unique combination of stability, liquidity, and portability, making it an attractive asset for central banks.”
As of the second quarter of 2024, gold reserves accounted for approximately 19.9% of Turkey’s total foreign exchange reserves. At current market prices, these reserves are valued at over $20 billion.
The country’s increased focus on gold is part of a broader trend among central banks worldwide. As geopolitical tensions and economic uncertainty rise, many nations are turning to gold as a safe haven asset.
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