Despite new generation investment products being introduced into the market every day, gold, being a safe asset, continues to be the most preferred investment in Turkey.
While some people who want to invest their savings in gold do so through banks or financial applications, the first choice for people who want to protect their assets against inflation is to buy physical gold.
This was a first in the history of the Grand Bazaar.
Citizens trading gold at the Grand Bazaar, due to the high bid-ask spreads offered by jewellers in recent years, are faced with a historic scene today. Today, for the first time in the Grand Bazaar, where gold is traded at a rate very close to the benchmark rate offered to the market by the Central Bank of the Republic of Turkey (CBRT), the spot price of gold fell below the benchmark rate.
The reason for this historic shift is said to be the strong demand for the Turkish lira in the market, but it is believed that the foreign currency and gold brought by the increasing foreign capital in Turkey in recent years has created abundant demand for the Turkish lira.
The price of gram gold/TL, which had fallen to 2,565 liras during the day and was below the benchmark exchange rate, began to rise again in the spot market in the evening. The market, which was closed on July 15, is expected to return to relatively normal tomorrow, but if hot money inflows into Turkey increase in the future, the benchmark and spot exchange rates are likely to continue to fall significantly.
