"Turkey's central bank accelerates selling of gold"

Due to the influence of the Middle East conflict, the former "golden buyer" is now being forced to "sell gold" to exchange for liquidity and maintain exchange rate stability. According to Bloomberg, the latest data from the Turkish central bank shows that it sold over 58 tons of gold reserves in just two weeks. Analysts believe that with the escalation of geopolitical risks and the US dollar becoming the preferred safe-haven asset over gold, some central banks that previously bought gold may now be forced to "monetize" their gold reserves to exchange for emergency liquidity. According to the latest data released by the Turkish central bank, Turkey's gold reserves decreased by nearly 6 tons in the week of March 13 and by 52.4 tons in the week of March 20. Data searched by reporters shows that Turkey's central bank's gold reserves were $136.83 billion at the end of February before the outbreak of the Middle East conflict, but the latest data as of March 19 shows that reserves have decreased to $116.12 billion.