Turkish Gold Bar and Coin Demand Surged Fivefold in Q2’23

The gold demand surge was also driven by high inflation, low interest rates and fears of further fall in local currency.

SEATTLE (Scrap Monster): The Gold Demand Trends Report published by the World Gold Council (WGC) suggests fivefold jump in Turkish gold bar and coin demand during the second quarter this year. The demand hit a new record of 98 tonnes during the initial half of the year.

The gold jewellery demand during Q2 this year posted fourth straight double-digit surge, rising by 23% to total 10 tonnes. The demand during H1 this year totalled 20 tonnes, higher by 25% over the previous year. The demand hit highest level in five years.

Since the beginning of 2020, Turkish bar and coin demand has accounted for approximately 9% of the global total. This is almost double the share of around 4% during the period between 2010 and 2020. The recent spike in the country’s gold demand is primarily attributed to the economic policy change introduced in 2021. The gold demand surge was also driven by high inflation, low interest rates and fears of further fall in local currency.

Commenting on the future outlook, WGC said that the Turkish investment demand is expected to remain strong. Although the Turkish government has currently imposed strict restrictions on gold imports for now, the continuation of this policy will depend upon the performance of the broader Turkish economy and the state of foreign exchange.

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