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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In its Spring Forecast released today, the European Commission expects euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. The global economy gathered momentum late last year and early this year as growth in many advanced and emerging economies picked up simultaneously.

Global growth (excluding the EU) is expected to strengthen to 3.7% this year and 3.9% in 2018 from 3.2% in 2016 (unchanged from the Winter Forecast) as the Chinese economy remains resilient in the near term and as recovering commodity prices help other emerging economies.

Source: Republic of Turkey Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.