Home News Gold deposits at local banks reach $11 billion

Gold deposits at local banks reach $11 billion


Gold deposits at local banks reach $11 billion

According to the news of Hürriyet Daily News and an exporters association, gold deposits at Turkish banks soared 67.3 percent – or some 26 billion Turkish Liras – on an annual basis to hit 64.6 billion liras (around $11.3 billion) in January-September, Anadolu Agency reported, citing data from the Banking Regulation and Supervision Agency (BDDK).

Investors have sought safe havens in the first nine months of the year because of concerns over global growth, geopolitical risks, Brexit worries and trade wars. Such uncertainties and risks increased demand for the precious metal.

In the face of the strong demand, the price of gold rose by 14.1 percent to 267.4 liras per gram as of end September. Investors also increasingly turned to gold from the U.S dollar as the dollar/lira rate eased to 5.6489 from 6.0507 over the same period.

Istanbul had the largest share in gold deposits in local banks. The amount of gold deposits in this city stood at 20.6 billion liras, followed by the capital Ankara with 6.6 billion liras.

Gold deposits at banks in İzmir, the country’s third-largest city, and the western industrial province of Bursa amounted to 3.54 billion liras and 2.28 billion liras, respectively.

Source: Hürriyet Daily News
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