Turkey’s $8 Billion Gold Drawdown on Iran War Hits Bullion

Turkey’s central bank sold and swapped about 60 tons of gold, worth more than $8 billion, in two weeks after the start of the war in Iran, adding to downward pressure on bullion prices.

Turkish gold reserves show a decline of 6 tons in the week of March 13 and another 52.4 tons in the week of March 20, marking a sharp drawdown in reserves, according to the latest data published by the central bank. Some of that was sold outright, while the majority was used to secure foreign exchange or liras via swap agreements, according to people familiar with the matter.