Turkey’s gold reserves have increased by over 300% since 2004 according to the latest figures released from the World Gold Council. The central bank buying began to accelerate in the final quarter of 2011 and the total amount held currently stands at 490.25 tonnes.

The latest data also reveals that many emerging economies have followed Turkey's lead and increased their reserves. Russia and China have been two of the biggest buyers increasing their reserves to 1,015 and 1,054 tonnes respectively.

The total amount of gold within the Eurozone fell by 12% to 10,782 tonnes over the last decade.