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Informist, Wednesday, Apr. 29, 2026

MUMBAI – Turkye's central bank increased its gold reserves by 30.7 tonnes over the past week and unwound some of the dollar-for-gold swap positions it employed during peak market stress, Kitco.com reported. The physical holdings rose to around 730 tonnes as of Apr. 17, Kitco cited official data.  Kitco is a Montreal-based body providing gold and silver prices, market news, and online bullion trading.

Total gains in the central bank's gold reserves were 36.4 tonnes in the past two weeks that reversed the steep drawdown from its earlier liquidity operations, Kitco said. "The Turkish government opened approximately 73 tonnes worth of gold swap positions in March, while some of the central bank's bullion was also sold during that period, resulting in a sharp decline in reserves," it said.

Turkey's central bank accessed dollars through swaps to address accelerating capital outflows and rising domestic demand for foreign currency as the central bank intervened to support the Turkish lira. Before the start of the Iran war, the central bank held nearly 830 tonnes of gold. That figure dropped by 127 tonnes to a total of 693 tonnes by the end of March, Kitco said. According to reports, this was the biggest drawdown in Turkey's gold reserves since 2013, it said.

However, after the ceasefire between the US and Iran, market conditions stabilised, reducing pressure on Turkish assets and enabling the central bank to begin rebuilding its gold reserves, it said. Central bank gold demand continues to play an important role in the precious metals market, with the sovereign segment becoming much more volatile as central banks such as Turkey's have been forced to monetise their gold reserves to protect their economies, which have been impacted by the ongoing war with Iran.

The ongoing war in West Asia is significantly impacting global economic activity, as disruptions to the global supply chain—particularly in the energy market—are driving inflationary pressures higher.  End

Reported by Taniva Singha Roy

Edited by Akul Nishant Akhoury

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