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Central Banks Sell Gold for First Time in a Decade

  • Turkish and Uzbek central banks lead selling in third quarter
  • Overall gold demand fell 19% year-on-year: World Gold Council

Photographer: David Gray/AFP via Getty Images

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Central banks became gold sellers for the first time since 2010 as some producing nations exploited near-record prices to soften the blow from the coronavirus pandemic.

Net sales totaled 12.1 tons of bullion in the third quarter, compared with purchases of 141.9 tons a year earlier, according to a report by the World Gold Council. Selling was driven by Uzbekistan and Turkey, while Russia’s central bank posted its first quarterly sale in 13 years, the WGC said.