Newsweek – Golden Opportunities
Although recent government stimulus has slowed the lira’s depreciation, Turkey’s currency remains under pressure, sending investors and depositors flocking to safe havens such as gold. Gold prices rose by 18% in 2019 to hit their highest level since 2013, and Turkey’s gold market remains a key growth driver of its broader precious metals industry. The country holds the 14th-largest share of global gold reserves, or 20% of the total, while domestic gold deposits rose by 98.5% y-o-y in 2019 to reach TL38.34 billion ($6.32 billion). Market growth is supported by surging domestic gold production, which surpassed 45 tonnes in 2019 to reach a record high.