28.10.2025 09:50
Gold and currency markets expert Mehmet Ali Yıldırımtürk stated that there are almost no merchants left selling gold in the Grand Bazaar, saying, "Merchants who are losing 0.5% are going out of business because they cannot replace what they sell." According to Yıldırımtürk, while investors see the price drop as an opportunity and continue to buy gold, jewelers are going through tough times due to limited supply.
Gold prices have started to decline after reaching record levels, following a decrease in geopolitical tensions. However, this decline has not stopped the demand for gold in the Grand Bazaar. Gold and currency markets expert Mehmet Ali Yıldırımtürk stated that investors see the decline as an opportunity, saying, "There are almost no sellers of gold in the Grand Bazaar. Jewelry workshops are closing one by one."
GOLD IS NOT FALLING, JUST TAKING A BREATH
Speaking to Ekonomim and evaluating the recent drop in gold as a "correction," Yıldırımtürk said, "There is no geopolitical reason for gold to fall. The Fed will lower interest rates, central banks continue to sell bonds and buy gold. The Russia-Ukraine war continues, and a possible ground operation by the U.S. in Venezuela is on the agenda. All of these increase the demand for gold. This decline is a natural correction following sharp increases."
"IF THIS PRICE IS BROKEN, A JOURNEY TO 4500 DOLLARS BEGINS"
Yıldırımtürk noted that gold has attempted to break the $4380 level three times, stating, "If this price is broken, a journey to $4500 begins. It would be a dream to expect a significant drop under a safe haven while the world is on edge."
"TRADERS IN THE GRAND BAZAAR ARE CUTTING THEIR ARMS"
Yıldırımtürk pointed out that gold sales in the Grand Bazaar continue unabated, emphasizing that investors are turning to gold from the stock market and KKM, saying, "Those who come to sell gold generally sell between 10-50 grams. These are people with urgent payments. Those who come to buy are purchasing in kilograms. This limited drop is seen as an opportunity for investors. Prices are being quoted between 5800-5900 TL per gram. The spread has widened because jewelers cannot replenish what they have sold. Traders, who are losing an average of 0.5%, are cutting their arms. There is no other choice."
WORKSHOPS ARE CLOSING ONE BY ONE
Yıldırımtürk emphasized that there is a serious contraction in the sector, stating that jewelry workshops have started to close: "People are now buying gold in grams or quarter gold for investment. The era of jewelry gold is over. This situation has directly affected the workshops. Workshops that cannot cover their rent are turning to India, Egypt, and Syria. Some masters are closing their shops and converting their remaining gold into grams. Once jewelry sales in the Grand Bazaar ended, there was no business left."
"GOLD IS STILL A SAFE HAVEN"
Yıldırımtürk stated that the sector is going through one of its "calmest but most difficult" periods, saying, "Gold is still a safe haven, but the jewelry profession is undergoing a major transformation."