Gold Price in Turkey

Gold as a hedge in Turkey

In few developed economies is gold as central to daily financial life as in Turkey. Years of high inflation and a falling lira have made gold the default store of value — the famous "gold under the pillow" — and "gram gold" (gram altın) is traded almost like a currency, in shops, banks and gold-backed accounts. When the lira weakens, the gram price in Turkey rises even if the world price is flat, which is precisely why Turks hold it.

Rates are quoted per gram for each purity, using the local milyem fineness system (995, 916, 750, 585).

Turkish gold coins and jewelry

Turkey has its own gold coinage: the Cumhuriyet Altını (Republic coin) and Ata coins, minted in quarter, half and full sizes, are traditional gifts at weddings and circumcision ceremonies and a popular way to save. Jewelry is typically 22K for its rich colour, while 14K is widely produced for export.

The Grand Bazaar and pricing

Istanbul's Grand Bazaar has been a centre of the gold trade for centuries and still sets the tone for the market, alongside the Borsa İstanbul precious-metals exchange. Prices update through the day with the international rate and the lira, and jewelers add a labour charge on top of the gram value.