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World gold reserves fell in May

Global central banks more than halved sales of gold from their international reserves in May to 27.4 tons, down from 69.4 tons in April.

World gold reserves fell in May

The Central Bank of Turkey became the largest seller of gold, selling 63 tons. The sales are a reaction to the dynamics of the local market, where there is a strong demand for gold and a temporary restriction on the import of gold bars.

In addition to Turkey, gold was also sold by the central banks of Uzbekistan (10.9 tons), Kazakhstan (2.4 tons) and Germany (1.8 tons). Gold sales in Uzbekistan and Kazakhstan, where it is purchased from local producers, are a common practice.

At the same time, eight central banks increased their gold reserves. Poland purchased 19 tons of gold during the month, increasing its reserves to 263 tons. The People's Bank of China announced the purchase of 16 tons of precious metal, thus, its gold reserves amount to 2,092 tons.

Other significant buyers were Singapore (3.9 tons), Russia (3.1 tons), Iraq (2.3 tons), India (1.9 tons), Czech Republic (1.8 tons) and Kyrgyzstan (1.5 tons).

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