TCMB Suspended Gold Purchases, Sales Continue in the Market

Latest Developments: TCMB Halts Gold Purchases

In recent weeks, fluctuations in global and local markets have taken Turkey's gold markets to a new level. The Central Bank of the Republic of Turkey (TCMB) has stopped purchasing gold bars produced in mines, leading to speculation on social media that gold sales have ceased.

Statement from the Gold Miners Association

The Gold Miners Association stated that the TCMB has a priority for purchasing gold produced from mines in exchange for TL (Turkish Lira), and attributed the reason for halting these purchases in the last two weeks to the widening gap between global and Turkish gold prices.

What is the Reason for TCMB's Decision?

The statement indicated that this step was taken to overcome the challenges faced by the jewelry sector in Turkey. Additionally, the quota imposed on gold imports in 2023 has raised the price difference between the world and Turkey to approximately $5,500. This situation can be seen as a move to mitigate the negativity in the markets. Such actions by central banks are a natural process for market regulation.

Effects on the Country's Economy

This decision, which ensures that gold produced in Turkey is delivered directly to the domestic market, will allow the need to be met from internal sources and prevent additional gold imports that would increase the current account deficit. It was emphasized in the statement that the TCMB could use its preemptive purchasing rights again when market balances are achieved.

Gold Sales Continue in the Markets

The Gold Miners Association confirmed that gold sales are ongoing under free market conditions and stated that the news spreading on social media about gold sales ceasing is not true.