According to the World Gold Council (WGC), gold prices soared above the $2,000 level last month, with some central banks turning to selling precious metals. Meanwhile, Turkish companies are making a breakthrough in their search for gold abroad.
Türkiye, which has been increasing its reserves for a long time, has sold gold
cryptocoin.com As we have reported, WGC said that Turkey, the largest gold buyer in 2022, sold 15 tons of bullion in March. This was the first monthly net sales since November 2021, reducing the country’s reserves to 572 tons. Turkey’s official bullion reserves increased by 148 tons last year, reaching the highest level on record.
Signs of slowdown in gold consumption
Another bank that sold some yellow metal was the National Bank of Kazakhstan, which sold 10.5 tons in March. However, Kazakhstan was also a seller before March. The bank has reduced its bullion holdings by 19.6 tons year-to-date. The country’s total bullion reserves are currently 332 tons, the lowest since August 2018. In addition, WGC predicted that gold consumption could slow down after China went on a shopping spree in the last five months. In this context, WGC made the following statement:
Seasonal patterns point to a slowdown in domestic gold consumption, which could suppress wholesale gold demand in April and May. In addition, the high local gold price and the deviation of the budget from tourism and other consumption needs can create further pressure.
Central bank reserves continue to rise
Meanwhile, China remains one of the largest official gold buyers this year. In March, the People’s Bank of China purchased 18 tons of gold for the fifth month in a row. Thus, first quarter purchases reached 58 tons and total gold reserves reached 2,068 tons.
In general, central banks remain interested in adding more gold to their reserves. Citing the precious metal’s safe-haven nature and global de-dollarization trend, WGC said January and February were the strongest start of the year since at least 2010. Global gold reserves increased by 52 tons in February and 74 tons in January. This came just after last year’s record level of 1,136 tons.
India is also starting to play a more important role. WGC senior analyst Krishan Gopaul said the Reserve Bank of India bought 3.5 tons of gold bullion last month, bringing the first quarter total to 7.3 tons. The central bank currently holds 794.6 tons of gold in its reserves. Russia also recently announced that it purchased one million ounces (31 tons) of gold between February 2022 and March 2023.
Turkish companies are making a breakthrough in precious metal mining abroad
Meanwhile, on the mining front, Türkiye is making a breakthrough abroad. Many Turkish companies, from the big holding companies of Turkey to Koç Holding, Cengiz Holding, MNG and Kalyon Holding, are rushing for gold. Companies continue their gold and precious metal exploration activities abroad at full speed. Another point of attention is the recent participation of public-private partnerships in gold mining, which is led by large companies.
In a recent development, one of the Turkish companies, Afro Turk SA, has started working for mining in Africa. The company received the necessary approvals from the government of the African country of Burkina Faso to operate the two mines. Under this approval, Afro Turk SA will mine Tambao in Oudalan state and Inata mine in Soum state. Meanwhile, last week, a Turkish company signed an agreement with public institutions and companies for mineral exploration activities in Kazakhstan. MNG, one of the companies that built Istanbul Airport, has become one of the Turkish companies that have rushed gold in Africa in recent years.
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