According to the World Gold Council, in addition to Turkey, another seller of gold last month was the Central Bank of Uzbekistan. Its reserves decreased by 11 tons in May, with an annual sales volume of 27 tons.
Furthermore, the People's Bank of China became the largest buyer of gold in May, purchasing an additional 16 tons for the seventh consecutive time. Since its last buying spree that began in November, China has bought 144 tons of the precious metal. Currently, the total gold reserves amount to approximately 2,092 tons.
India also became another record buyer of the precious metal, increasing its reserves to 796 tons by purchasing two tons of gold in May.
As for the Czech National Bank, it increased its reserves to 17 tons and bought an additional 1.8 tons of gold.
