Turkey's Central Bank Sold 58 Tons of Gold After Iran War, Pressuring Global Prices

A major mystery seller that helped drive gold into a bear market has been identified: Turkey's central bank. In the two weeks following the start of the war in Iran, the bank sold and swapped approximately 60 tons of gold, worth over $8 billion. This move represented a drawdown of more than 10% of the country's total gold holdings, directly contributing to the sharp downward pressure on bullion prices that began from the metal's January high.

Central bank data reveals the precise timeline of the sell-off. Reserves declined by 6 tons in the week of March 13, followed by a massive 52.4-ton reduction in the week of March 20. This rapid, concentrated disposal of a strategic reserve asset marks a significant and unusual shift in Turkey's financial posture, moving from a consistent buyer to a major seller in a critical period.

The timing, immediately following the outbreak of regional conflict, raises immediate questions about motive. The action adds substantial selling pressure to the global gold market, potentially influencing pricing dynamics and investor sentiment. It also places Turkey's central bank under scrutiny for its reserve management strategy during a period of geopolitical instability, with the scale of the sale suggesting a pressing need for liquidity or a strategic reallocation of assets.