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.
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