While the demand for gold continues to increase in Turkey, according to data released by the IMF, 55 tons of gold was purchased in 4 months.a
According to data released by the International Monetary Fund (IMF), Turkey bought 55 tons 564 kilograms of gold in the first 4 months of the year. Thus, Turkey’s gold reserves rose to 781 tons 957 kilograms. Turkey’s gold reserves were 542 tons at the end of 2022 and 726 tons at the end of 2023. The highest gold purchase was made in February with 17.95 tons. In January, 12 tons of gold, 10 tons in March and 10.6 tons in April were added to the reserves. Borsa Istanbul Precious Metals market data also revealed results close to the IMF figures on gold imports.
The period with the highest gold demand
According to the data, gold imports amounted to 46.9 tons in the first 4 months of the year. Turkey imported 11.5 tons of gold in January, 11.1 tons in February, 12.7 tons in March and 11.4 tons in April. Compared to the same period of last year, when gold imports reached record highs, there has been a significant decrease in imports, but the desired values have not yet been reached. According to data from Borsa Istanbul, 318.9 tons of gold imports were made last year, reaching the highest value since 1995, when records were kept, excluding 2017. According to a report by the World Gold Council, jewelry gold demand in Turkey reached its highest level since 2015 in the first quarter of the year, while the Central Bank bought 30 tons of gold in the same period, increasing its gold reserves to 570 tons.
