via discernreport:
Despite significant selling by Turkey that slowed net central bank gold buying in the second quarter, central banks added a record amount of gold to their reserves through the first half of 2023.
Net central bank gold purchases totaled 387 tons through the first half of the year, according to data compiled by the World Gold Council. That was the highest first-half total since the organization started compiling quarterly data in 2000.
Net central bank purchases were down in Q2 after setting a first-quarter record due to net sales of 132 tons between April and June. On net central banks added 102.9 tons of gold to their reserves in the second quarter.
Turkey was the biggest gold buyer in the first quarter but turned to selling in March. In a three-month span, Turkey reduced its gold holdings by 160 tons. According to the World Gold Council, this was a response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy.
Gold was sold into Turkey’s domestic market to satisfy very strong bar, coin and jewelry demand following a temporary partial ban on gold bullion imports.”