Turkey's gold sales and price surge highlight shifting global reserves

The World Gold Council’s May 2026 report showed central banks added a net 41 tonnes of gold to reserves, with Poland leading purchases at 18 tonnes and China adding 10 tonnes. Turkey’s central bank sold 3 tonnes in May, bringing its total sales to 81 tonnes for the first five months of the year, while Russia also recorded net sales.

On 4 July 2026, Turkish gold prices reflected heightened demand: spot gold was $1,171.10 per ounce, gram gold traded at 6,276.76 TL (buy) and 6,277.78 TL (sell), quarter gold at 10,042.81 TL (buy) and 10,264.17 TL (sell), and other classic Turkish gold products rose accordingly. Analysts linked the price rise to global economic uncertainty and the broader trend of central banks increasing gold holdings as a safe‑haven asset.