In Turkey, the major cities are at the forefront of the provinces rich in gold.

As gold prices experience one of their most volatile years in 2024, November is recorded as the "highest volatility period" in recent times. Throughout the year, gold, supported by expectations of interest rate cuts from the FED, heavy purchases by central banks, and geopolitical risks, tested $2790 at the end of October, thus reaching its historical peak.

WAR RISK PUSHED PRICES UP

In November, after Trump's victory in the US elections and the strengthening of the dollar globally, gold prices fell, reaching as low as $2537 last week. However, last week, Ukraine's use of British and American weapons against Russia for the first time and Moscow's response raised geopolitical risks again. Gold quickly began to rise from where it had fallen.

6% INCREASE IN A WEEK

Last week, gold rose to $2716 with a high premium of 6%. Thus, it also surpassed the value loss experienced during the "Trump trade." In the free market, the price of gold per gram reached 3018 TL again, surpassing the critical level. In the jewelers of the Grand Bazaar, the physical sale price of gold per gram surged to 3178 TL, and the price of a quarter gold rose to 5,215 TL.

HERE ARE THE CURRENT SUPPORT AND RESISTANCE LEVELS FOR GOLD

Analysts emphasize that $2680 should be monitored as support and $2750 as resistance for gold. "Developments in the war have overshadowed the Trump trade. However, the dollar index tested the 108.00 level, US 10-year bond yields are at a high level of 4.40%, and uncertainties regarding interest rate cuts by the FED continue. Therefore, gold investors should be cautious," they warn.

HALF OF GOLD ACCOUNTS IN 3 MAJOR CITIES

Gold, which is an indispensable investment tool for the Turkish people, sometimes experiences fluctuations but somehow recovers and shows its "safe haven" feature again. For this reason, gold deposits hold a significant share not only physically but also in banks. According to the data obtained by Türkiye Gazetesi from the BDDK, the size of gold deposits reached 439.79 billion TL in Istanbul, 149 billion TL in Ankara, and 78.98 billion TL in Izmir. The size of gold accounts in these 3 cities constitutes 50.2% of the total.

THE MOST GOLD IS IN THESE CITIES

When looking at the 3 major cities, the top 10 provinces with the highest gold deposits in Turkey are as follows:

1-Bursa: 43.64 billion TL

2-Antalya: 42.85 billion TL

3-Kocaeli: 34.73 billion TL

4-Konya: 29.50 billion TL

5-Adana: 22.40 billion TL

6-Balıkesir: 20.74 billion TL

7-Muğla: 20.50 billion TL

8-Mersin: 20.46 billion TL

9-Manisa: 16.50 billion TL

10-Eskişehir: 16.37 billion TL

CITIES WITH THE LEAST GOLD

According to BDDK data, the provinces with the lowest gold deposits are ranked as follows:

1-Ardahan: 536 million TL

2-Kilis: 657 million TL

3-Bayburt: 698 million TL

4-Tunceli: 771 million TL

5-Hakkâri: 808 million TL

6-Iğdır: 1.04 billion TL

7-Şırnak: 1.10 billion TL

8-Muş: 1.17 billion TL

9-Siirt: 1.29 billion TL

10-Ağrı: 1.42 billion TL

These figures only show the gold deposits in banks; according to estimates by the World Gold Council, there are approximately 4,500-5,000 tons of gold under mattresses in Turkey. Experts indicate that when considering the hidden savings, there may be a significant amount of gold in the Eastern and Southeastern provinces.