Turkish Central Bank Hits Highest Monthly Gold Purchases

Just recently, the World Gold Council released a report showing the Turkish Central Bank on top of global gold purchases. Turkey has hit its highest record of monthly gold purchases in August with 41.8 tons.

The country has been named as the most significant gold buyer in the world for the third quarter. In total, Ankara has bought 71.4 tons of the precious metal in the third quarter.

The Turkish central bank now has a total of 385.5 tons in its gold reserve as of writing. Buying gold tends to help the ultra-loose monetary policy and helps shield against political futures.

Despite that, the country’s currency isn’t getting much strength to beat its competitors. The lira has lost against the US greenback in recent trading sessions.

The USD TRY exchange rate rose 0.28% or 0.0160 points in today’s trading. The pair also extended its gains from ₺5.7605 to ₺5.7946.

Aside from gold-related news, local traders are also waiting for the announcement of the Turkish central bank’s account balance.

The bank is projected to have an estimate of a $2 billion surplus in September. The Central Bank of the Republic of Turkey will release its official report tomorrow, November 12.

Other Focus

Other traders are also looking into the fall of the GBP USD exchange rate. This is despite the US dollar’s promising rally last Friday’s trading sessions.

Aside from the news about the Turkish central bank, the pair also drew attention due to trade war progresses.

The GBP USD trading pair went up by 0.26% or 0.0033 points this Monday’s trading sessions. The pair currently trades for $1.2803, recovering from its last close of $1.2770.

On Friday, the US dollar peaked at its three-week-highs as it gained some safe-haven points after Trump’s trade war comments. The pair reached its support and was not able it, thus the rebound of the pair.