Gold demand in Turkey at a 10-year high

Although gold demand in Turkey saw a year-on-year decline in the third quarter, when tightening measures were in effect, it maintained its high trajectory.

According to data released by the World Gold Council for the third quarter, consumer gold demand in Turkey was recorded at 41.4 tons this quarter, a 12 percent decline year-on-year. Of this demand, 11.2 tons consisted of jewelry, while 30.2 tons came from coins.

When considering the first three quarters of the year, it was observed that consumer demand in Turkey reached 159.3 tons. This level has already been recorded as the highest level of gold demand since 2013. In 2013, total consumer gold demand in Turkey, including jewelry and coins, reached 184.1 tons.

If demand of nearly 25 tons is realized in the final quarter of 2023, 2023 will be recorded as a record year for gold demand.

CENTRAL BANK OF THE REPUBLIC OF TURKEY ALSO RETURNS TO NET PURCHASES

While gold demand on the consumer side in Turkey remained vibrant despite the decline, the Central Bank of the Republic of Turkey (TCMB) also shifted to the net buying side during the same period.

According to Council data, the TCMB made net purchases of 39 tons in the third quarter. Thus, the TCMB's gold reserves were recorded at 668 tons.

In the same period, global central bank gold demand increased by 120 percent compared to the previous quarter, reaching 337 tons. This demand from global central banks was recorded as the highest third-quarter figure since the third quarter of 2022.

News Source: 12punto