Gold as Inflationary Hedge Makes Turkey World’s Biggest Buyer
- Demand increased from Turkey’s central bank and households
- Households also rushed to the precious metal against inflation
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Turkey was the biggest buyer of gold among central banks last year, with households also rushing to buy the commodity to shield from geopolitical uncertainty and rampant inflation.
The central bank’s gold reserves were at the highest level on record, the World Gold Council said in a report Tuesday. The official figure was 542 tonnes, up by 148 tonnes.