There is more demand for gold than foreign currency
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Gold, the safe investment port for years, is one of the most profitable instruments of this year. It is noteworthy that the gram price of gold, which has been in the 1,000-1,100 lira band for a long time, has increased by 25 percent since the beginning of the year. Gram gold, which was 1,096 liras at the beginning of the year, rose to 1,360 liras. The dollar/TL level, which started the year at 18.72, rose to 20.88. The gain in the dollar remained at 11.2 percent since the beginning of the year.
Although everyone is talking about the dollar, there has been more demand for gold in recent weeks. This dynamism is easily noticed in jewelers and Istanbul Grand Bazaar. The jewelers in the Grand Bazaar, whom we asked the reason for the interest, draw attention to many different factors as the reason why gold is more popular than the dollar. The two most important reasons are that it earns more this year than other investment vehicles and the start of the wedding season. The shopkeepers of the Grand Bazaar, who also express the general opinion that gold always wins for its investors, states that wage earners turn to gold while converting the money they have received in the last months into investment.
Those who receive bank promotions, those who receive a pension, EYT members, those who receive severance pay and holiday bonuses, who buy gold in order to protect their savings against inflation, form a queue in front of jewelers. Exchange offices and jewelers, who are satisfied with this activity, say that the density will increase in the coming days.
Pointing out that traditional investors in Turkey always see gold as a safe haven, the shopkeepers of the Grand Bazaar summarize: “Our sales have increased tremendously in the last 1-2 weeks. The approach of the Eid al-Adha and the opening of the wedding season have a great impact on this. However, when people think of long-term investment, gold comes first. The citizen trusts gold a lot, he thinks that even if I don’t win, at least I will stay on the sidelines.”
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