Turkey cut it gold holdings for a second straight month in January, a period when the price of the precious metal rose the most in three years, International Monetary Fund data showed on Tuesday.

Turkey, which has the 12th biggest gold reserves globally, slashed its holdings by 14.227 tonnes to 514.893 tonnes last month, the IMF said.

The euro zone, on the other hand, raised its gold holdings by 7.437 tonnes to 10,791.885 tonnes in January, the data showed.