Turkey, which bought a record 41.8 tonnes of gold in August, became the world's largest buyer of gold, with 71.4 tonnes being purchased in the third quarter.
While world demand for gold continues to grow, Turkey's central bank is leading the gold of central banks in other countries, according to a report by the World Gold Council, quoted by the Daily Sabah.
Turkey increased its gold reserves by 71.4 tonnes in the third quarter, raising the central bank's total gold reserves to 385.5 tonnes. In August alone, the state purchased 41.8 tonnes of gold, the largest monthly gold purchase in its history.
Russia, which has been shrinking dollar assets for some time now, is also increasing its gold reserves by 34.9 tonnes to 2241.9 tonnes. Gold already accounts for 20% of the Russian Central Bank's total reserves. The bank's gold reserves are worth about $ 100 billion.
China is also increasing its gold reserves by adding 21.8 tonnes of gold in the third quarter.
Central banks remain key players
Central banks continue to play a decisive role in the growing demand for gold, increasing its gold reserves by 156.2 tonnes. Since the beginning of the year, a total of 547.5 tonnes of gold has been purchased.
Deliveries of precious metals rose 4% to 1,222.3 tonnes in the third quarter compared to the same period last year. This is due to a 10% increase in recycling.
Geopolitical risks continue to support the upward trend in gold prices.
$ 1,500 has become a psychological and ever-increasing limit for the price of an ounce of gold. Expectations for a slowing global economy and the uncertainty created by trade wars have diminished the risk appetite and supported the appreciation of yellow metal.
Negative yield bonds of about 17 trillion. dollars for the period also made gold an attractive haven for investors.
Gold funds continue to break records
Gold Mutual Funds (ETFs) purchased 258.2 tonnes of gold in the third quarter, raising the precious metal in its portfolio to a record 2855.3 tonnes.
The expansionary monetary policy of the central banks played an important role in demand for gold in the third quarter, which recorded the largest increase in the last 4 years.
Amount of gold held by North American funds increased by 184.9 tonnes in the same quarter. This purchase, which is 71.6% of gold purchases in the third quarter, is directly related to the US Federal Reserve interest rate cut.
European funds bought 55.8 tonnes of gold in the third quarter, while Asian funds increased their reserves by 14.3 tonnes.