Gold Deposits are Rapidly Rising: Istanbul at the Top!

The latest statistics published by the Banking Regulation and Supervision Agency (BDDK) reveal a significant increase in gold deposits at banks in the third quarter of 2023. Gold deposits, which amounted to 1 trillion 364 billion 21 million 689 thousand lira in the same period last year, reached 2 trillion 716 billion 294 million 291 thousand lira this year, marking a notable increase of 99.1%.

Gold continues to serve as a safe haven for many investors; this is one of the main factors triggering the increase in demand for gold deposits at banks. General economic uncertainties and the pursuit of protection against inflation have led individuals and companies to direct a portion of their assets towards gold deposits.

In our country, the city with the highest accumulation of gold deposits is 907 billion 143 million 271 thousand lira, which is Istanbul. This situation once again highlights Istanbul's role in the Turkish economy. Following Istanbul, Ankara with 310 billion 227 million 405 thousand lira, and Izmir with 159 billion 485 million 650 thousand lira follow. These cities provide significant indicators reflecting local economic dynamics and investor psychology.

Particularly, Istanbul stands out among financial centers, where investment activities have gained much higher momentum compared to other provinces. Relevant statistics continue to attract the interest of savers with various gold deposit products offered by banks.

At the same time, fluctuations in gold prices and developments in international markets also influence the decision-making processes of local investors. How investors will evaluate gold deposits and what possible movements may occur in the future is eagerly awaited. Regardless of the circumstances, it is clear that gold savings instruments hold an important place in financial planning.