According to a report by the World Gold Council, the Bank of Russia became the world's largest seller of gold among central banks in the second quarter.

The Russian central bank reduced its gold reserves by 22 tonnes, making it the biggest seller during the reporting period, The Caspian Post reports.

The Central Bank of Türkiye ranked second, cutting its gold holdings by 4 tonnes, while Germany's central bank reduced its reserves by 1 tonne.

On the buying side, Poland emerged as the largest purchaser of gold, adding 51 tonnes to its reserves. China followed with acquisitions totaling 33 tonnes. Uzbekistan, Kazakhstan, Jordan, and the Czech Republic were also among the leading buyers during the quarter.