Investment in gold doubled, deposits exceeded 80 billion lira

As global developments caused investors to turn to safe assets, the price of gram gold in the country increased by 33.1 percent last year compared to 2018, while gold deposits doubled and reached 80.2 billion lira.

There was a serious deterioration in investor perception in 2019, when the trade negotiations between the USA and China and the resulting concerns about a slowdown in the global economy, geopolitical risks, political uncertainties originating from Europe and the news flow regarding the Brexit impasse dominated the markets.

During this period, although central banks adopted supportive policies for economies, risk pricing came to the fore, and assets such as gold and bonds also gained weight in portfolio distribution.

With the effect of increasing demand, an ounce of gold in international markets increased by 18.4 percent last year and completed 2019 at $1,517.86. Domestically, the gram price of gold, which was 218.1 lira at the end of 2018, finished last year at 290.3 lira. Thus, the gram price of gold increased by 33.1 percent on an annual basis in 2019.

While Dollar/TL closed the last year at 5.9491 with an increase of 12.4 percent, the increase in the exchange rate fell behind the gain in gold, causing investors to turn to gold deposits.

With these developments, there was a significant increase in the TL value of gold accounts in Turkey in 2019.

According to the Banking Regulation and Supervision Agency (BDDK) data, gold deposits in Turkey increased by 100.2 percent in 2019 compared to the previous year, reaching 80 billion 213 million 645 thousand liras. Gold deposits were at the level of 40 billion 73 million 962 thousand liras at the end of 2018. This revealed that deposits doubled, increasing by 40.1 billion liras.

There are 25.2 billion lira gold deposits in Istanbul

In Turkey, Istanbul was the city with the most gold deposits last year. While the equivalent of gold deposits in Istanbul is calculated as 25 billion 329 million 39 thousand liras, this amount is; It showed that almost one third of the gold deposits in Turkey are located in Istanbul.

Istanbul was followed by Ankara with 8 billion 122 million 857 thousand liras, Izmir with 4 billion 389 million 995 thousand liras and Bursa with 2 billion 838 million 831 thousand liras.

During this period, 2 billion 280.6 million liras in Konya, 2 billion 123.4 million liras in Antalya, 2 billion 43.3 million liras in Kocaeli, 1 billion 268.5 million liras in Adana, 1 billion 268.5 million liras in Balıkesir. billion 200.3 million lira, 1 billion 121 million lira in Mersin, 1 billion 100.1 million lira in Eskişehir, 1 billion 56 million lira in Samsun, 1 billion 51.7 million lira in Kayseri, Denizli Investments were made in gold deposits worth 1 billion 25.2 million liras and 1 billion 8.6 million liras in Manisa.

Thus, the number of cities with gold deposits exceeding 1 billion lira became 15.

Source: https://www.aa.com.tr/tr/ekonomi/altina-yatirim-ikiye-katlandi-mevduatlar-80-milyar-lirayi-asti/1723621

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