Turkey dumped 58 tons of gold worth over $8 billion in two weeks.

Single handedly selling more gold than every gold ETF in the world combined over the same period.
The reason is the Iran war.
Energy costs surged, the lira came under pressure and the central bank has been burning reserves to defend it.
Total FX reserves are now down $40 billion to $175 billion, the lowest since Q3 2025.
This is what an energy shock does to emerging market central banks.