Turkey's Central Bank Buys 36 Tonnes of Gold in April

Turkey’s central bank resumed gold purchases in April 2026 after sustained sales in March, buying 36 tonnes in the first two weeks of the month to bolster reserves and support the lira amid regional conflict. According to data released on April 25, the central bank’s gold holdings increased from $101 billion at the end of March to $113 billion on April 17.

Gold Restocking After March Sales

The replenishment follows a period of significant gold disposals. In the first three months of 2026, the central bank sold 70 tonnes of reserves—approximately one-tenth of its overall bullion holdings—with most disposals occurring in March as the bank sought to stabilize the lira and counteract currency fluctuations that could increase domestic inflation.

The lira has faced pressure during the conflict in the Gulf, trading at historic lows of TLR45.1 against the US dollar as of April 30. This represents a marginal depreciation from TLR44.0 on February 28, the day the war in the Gulf began.

Currency Stability and Energy Imports

By maintaining a strong lira, Turkey aims to prevent spikes in overseas payments, particularly for energy. Imports account for up to 90 percent of all domestic fuel consumption, making currency stability critical to managing import costs.

Expert Commentary on Gold Strategy

Gold markets expert İslam Memiş told AGBI that gold serves as a logical asset for central banks during chaotic times and inflationist environments. “Gold is a logical asset for all central banks in chaotic times, in inflationist or stagflationist environments. It is always the safe haven to turn to,” Memiş said. “With the energy crisis there [was a] need for cash and naturally the central bank sold gold.”

Mehmet Ali Yıldırımtürk, a veteran gold trader and currency expert, said the central bank appeared to be reversing course. He noted that bullion purchases by central banks could underpin further increases in gold prices. “I still believe gold will go upwards up until the end of this year as central banks continue buying up bullion,” Yıldırımtürk said.

Global Gold Market Context

Spot gold was trading around $4,605 an ounce on Friday, having spiked to more than $5,300 in the aftermath of US and Israeli attacks on Iran.

Economic Outlook

Despite the currency stability achieved through gold trades, the Turkish economy is expected to face headwinds from the regional conflict and global economic slowdown. The International Monetary Fund projected in its latest world outlook that the Turkish economy would expand by 3.4 percent in 2026, down from its earlier estimate of 4.2 percent.