Gold demand on the rise



Gold demand in China increased by almost 20% in the first nine months of this year amid strong sales of Gold bars, which is a good sign for Gold prices. However, traders are concerned over Turkey’s central bank’s gold hoarding.
 
According to official data, Turkey added 3.8 million ounces of gold worth almost $5 billion to reserves this year. And even if Turkey bought just one-third of the reported amount, it would still rank among the top two or three buyers this year.
 
Turkey’s central bank cited a good old-fashioned diversification policy; however, there are speculations that the country could be shoring up reserves amid rising tensions between Turkey and its traditional Western allies.






 

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