For the first time in 10 years … Central banks are selling gold

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Central banks’ sales have increased their purchases of gold for the first time since 2010, at a time when some gold-producing countries are trying to take advantage of the rise in its prices to record levels to contain the repercussions of the new Corona virus pandemic on the economy, according to what “German” published.
According to data from the World Gold Council, central banks’ sales of gold increased by 12.1 tons over their purchases during the third quarter of this year, while purchases increased over sales during the same period last year by 141.9 tons.
And Bloomberg News indicated that central banks’ gold sales were led by the central banks of Uzbekistan and Turkey, while the Central Bank of Russia’s gold sales increased for the first time in 13 years.
For his part, the US Citigroup Bank expects the return of central banks’ demand for gold to recover next year after the slowdown in demand during the current year, following the arrival of demand for the yellow metal to record levels in 2018 and 2019.
The Turkish Central Bank sold 22.3 tons during the third quarter of this year, while the Central Bank of Uzbekistan sold 34.9 tons, according to the World Gold Council.

Uzbekistan is seeking to diversify the basket of the contents of its foreign exchange reserves and reduce the share of gold in it, as part of its efforts to break out of the isolation that lasted for decades.

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