Turkey and Russia continue expanding gold reserves
The Central Bank of the Republic of Turkey (CBRT) and the Bank of Russia led gold purchases globally in the third quarter of 2019, according to the World Gold Council.
Central banks continue to expand gold’s role in their reserves portfolios. Last quarter, total buying reached 156 tonnes, and purchases in the year to the end of September increased by 12% to 547 tonnes.
The CBRT accelerated its acquisitions and bought more than 71 tonnes last quarter, which took its gold reserves to 380 tonnes
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China, Turkey and India are largest declared buyers, while Russia probably bought big quantities