Polish central bank bought 14.8 tonnes of gold in April, which was the biggest purchase since June 2019.
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According to the World Gold Council, other central banks that bought gold in April included the People's Bank of China, the Czech National Bank, and the Central Bank of Mongolia, with 8.1 tonnes, 1.8 tonnes, and 1 tonne, respectively.
On the other hand, the Central Bank of Turkey is estimated to have sold a staggering 80.8 tons of gold in April to meet surging domestic demand. After buying the most gold than any other central bank last year, Turkey turned to selling in March and April to meet growing domestic demand, the WGC said. This was in an attempt to limit the need to import gold, which has been weighing on Turkey's current account deficit.
Turkey has seen a surge in gold demand as citizens embraced the precious metal as a hedge against inflation, which ran at a pace of over 85% at one point last year, and local currency devaluation.
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