- The Central Bank of Turkey purchased 5,77 tons of gold in April 2026.
- The price of the precious metal is rising as part of the bullish trend that began in March.
- The further movement of the XAU rate depends on the price of oil, and if it rises, gold will most likely become cheaper.
The Turkish Central Bank has started buying gold again, so it is worth answering the question of whether this will cause the XAU rate to rise.
At the beginning of April, the editorial board Happy Coin News reported, that in March 2026, the Turkish Central Bank sold 120 tons of gold for approximately $18 billion, thereby strengthening the bearish trend in the precious metal market. However, in April, the central bank began accumulating XAU again, and, according to Chinese analytical platform Jin10, from April 6 to 10 has gained 5,77 tons.
Gold price started to grow On March 23, after falling to its lowest since November 2025 at $4,100, the asset’s price stabilized above the 800-hour exponential moving average on April 15. Therefore, it can be assumed that the purchase of XAU by the Central Bank of Turkey and other market participants has led to a reversal, and the precious metal’s price will rise in the medium term until it reaches $5,000.
800-hour EMA on the gold chart
However, if the Middle East conflict isn’t resolved and uninterrupted oil supplies aren’t restored, the XAU will fall again, likely after rising to $5,000. This is because rising oil prices will force some countries’ central banks to sell their precious metal reserves to cover energy import costs. Therefore, the chances of gold breaking through the $5,000 barrier will depend on oil prices: if they rise, the likelihood of this happening will decrease.
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