Commerzbank: Turkey becomes largest official-sector gold buyer in 2020
(Kitco News) - Turkey's central bank has become the world's biggest official-sector buyer of gold, said Commerzbank. Analysts cited data from the International Monetary Fund showing that the Turkish central bank upped its gold reserves by 890,000 ounces to a record 21.28 million in May. “This equates to purchases of just under 28 tons,” Commerzbank said. “Since the beginning of the year, Turkey’s central bank has already bought 139 tons of gold, making it the largest official gold buyer by far this year. The Russian central bank stopped buying gold in April, while the Chinese central bank has purchased no further gold since last autumn.” World Gold council data show that total central-bank gold purchases totaled 139 tons in the first four months of this year, of which 111 were attributable to Turkey, analysts pointed out. “In contrast to recent years, one major buyer is thus responsible for the lion’s share of central-bank purchases this year,” Commerzbank said.