🇹🇷 The Turkish central bank sold approximately 58 tons of gold (over $8 billion) in just two weeks, the sharpest decline in seven years, leaving reserves at around 513 tons. A large portion of the gold was used to borrow USD, while the remainder was sold directly to the market. This sale alone exceeded the total outflow of funds from global gold ETFs during the same period.

At the same time, Türkiye's foreign exchange reserves decreased by approximately $40 billion, to $175 billion, as the country sought to protect the lira from pressure from rising energy prices and a surge in USD demand following the Iran conflict.

Simply put, rising oil prices → need for USD → weaker domestic currency → central banks are forced to sell gold to maintain stability.

Russia has also been continuously selling gold since 2025 to finance war costs, further increasing the supply of gold on the market. Poland is considering using its gold reserves for defense spending.

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