Amid tensions with Iran, some central banks have started selling their gold reserves to cover rising costs and protect their currencies.
Modern.az reports that CNBC published this information, citing statistics and experts.
According to the publication, gold prices have started to fall against this backdrop.
The spot price of gold fell by approximately 10% from its peak in late January, to approximately $4800 per ounce. CNBC cites Turkey as an example, where gold reserves decreased by 131 tons in March. The country's authorities used these to stabilize the lira, which has weakened by approximately 1.7% against the dollar since the beginning of the conflict. It is noted that Ghana and Poland have also taken similar measures.
In recent years, central banks have been major buyers of gold. According to the World Gold Council, they bought more than 1000 tons of gold per year from 2022 to 2024, but in 2025, purchases fell to 863 tons due to high price volatility.
In Russia, the Ministry of Finance, as part of the budget rule, has suspended the buying and selling of foreign currency and gold on the domestic market from March 30 until at least July 1.
