Citizens are abandoning the Dollar and turning to Gold: Record Increases are Being Experienced.

Local Investors' Preferences for Foreign Currency Are Changing

Recently, local investors in Turkey have shown a significant change in their currency preferences. The share of gold in foreign currency deposits in banks has exceeded 60%, reaching a record high. During the same period, the US dollar has fallen to just 20%, marking its lowest level in history.

Record Level Gold Purchases

Last week, local investors made a record gold purchase of 4.2 billion dollars, while 1.2 billion US dollars were liquidated. This increase is attributed to rising gold prices and fluctuations in foreign exchange rates. In particular, gold prices have shown a rapid increase recently, leaving inflation rates behind against the US dollar.

Significant Changes in Foreign Currency Deposits

According to Central Bank data, as of January 30, 2026, the foreign currency deposits of domestic residents reached a record high of 160.8 billion dollars. Within this amount, the share of precious metals has risen to 44.9%, equivalent to 100 billion dollars; increasing to 106.9 billion dollars. Of this amount, 97 billion dollars is in the accounts of individuals, while 9.9 billion dollars is in the accounts of legal entities.

Increasing Demand for Gold in the Long Term

While increasing their gold purchases, local investors have bought a total of 24.5 billion dollars worth of gold in the past year. During the same period, they sold 2.5 billion US dollars worth of dollars. The increase in gold demand is associated not only with prices but also with factors such as market uncertainties and fluctuations in exchange rates.

Conclusion

In conclusion, Turkish investors are turning to gold as a safer haven against uncertainties in foreign currency and rising gold prices. This trend seems likely to continue in the upcoming periods.