Turkey Sells 130 Tons of Gold in Defense of Its Currency as Gold Surpasses Treasury Bonds

An analysis published by the Gold Silver website on October 2 revealed that Turkey sold or lent about 130 tons of gold in early 2026 as part of a move to defend its currency, and that other countries such as Russia and Poland also indicated sales, in response to a question posed by the OMFIF institute regarding central bank sales of gold.

These individual cases contrast with a broader trend toward building reserves, as OMFIF's 2026 survey showed that 82% of central banks hold gold, up from 71% previously, and a net 30% plan to increase their holdings. This means that most monetary institutions still view the precious metal as a core reserve asset rather than an asset to exit.

Data from the European Central Bank reinforces this trend, as gold's share of global reserves rose to 27% in 2025, surpassing the share of US Treasury bonds, which stood at 22%. Gold surpassing Treasury bonds means that diversification away from US debt instruments has become a measurable phenomenon, not just talk about risks.

Gold is used in this context as a tool to hedge against currency volatility and geopolitical risks, making central bank buy or sell decisions an important indicator of price direction. Investors in the region follow these movements because they determine a portion of global demand that is unaffected by daily trading waves and remains tied to long-term monetary policy decisions.

What do these terms mean?

Foreign reserves: Assets held by a state in foreign currencies and assets to meet its obligations. OMFIF: A forum for public financial institutions including central banks and sovereign wealth funds. Diversification: Distributing assets across different instruments to reduce risk. Central bank: The institution that manages monetary policy and the state's reserves.