Gold Deposits in Turkey Are Breaking Records!

Striking Increase in Gold Deposits

In Turkey, the precious metal deposits in banks have shown a noticeable increase in the last year. Gold constitutes 33% of the total deposits, bringing registered deposits close to 85 billion dollars, once again raising investors' interest in this precious metal.

Why Are Gold Prices Rising?

In the past year, gold prices per gram have shown an increase of 108%, reaching a new peak at 6,406.76 TL, which is also changing the tradition of holding gold under mattresses in Turkey. According to Central Bank data, precious metal deposits in banks have increased by 15 billion 265.7 million dollars, adjusted for exchange rate effects, leading to a significant increase in demand for gold seen as a safe haven by investors.

Analysis of Real Persons' Precious Metal Deposits

The precious metal deposits of real persons have reached 77 billion 178.3 million dollars, showing a striking year-on-year increase of 103.81%. In the same period last year, this figure was 37 billion 866.51 million dollars.

Current Situation of Legal Entities' Gold Deposits

The precious metal deposits held by legal entities in banks amount to 7 billion 493.4 million dollars. Including exchange rate effects, legal entities' deposits have increased by 137.6% in the past year, and their share in total foreign currency deposits has risen to 2.90%.

Total Deposits and the Share of Precious Metals

According to the Banking Regulation and Supervision Agency (BDDK) data, precious metal deposits have reached 13.2% of total deposits. Last year, this rate was only 8.5%, indicating that investors' interest in gold in Turkey is steadily increasing.

Geopolitical Risks and Price Fluctuations

Factors affecting the rise in gold prices include international geopolitical tensions, particularly events such as protests in Iran and the U.S. intervention in Venezuela, creating uncertainty in the markets and directing investors towards gold.