16.12.2025 11:35
As of November, the Central Bank of the Republic of Turkey's decision to halt the purchase of domestically produced gold has fundamentally changed the dynamics of the gold market. Following this decision, for the first time in history, the physical gold prices in the Grand Bazaar, which is the center of commodity markets in Turkey, surpassed the prices of gold sold in banks.
Throughout the year, gold, a safe haven that has brought smiles to its investors with its rises, entered a volatile process following the decision made by the Central Bank of the Republic of Turkey (CBRT). With the new implementation launched in November, the CBRT halted the purchase of gold produced in Turkey. This step led to an uncontrolled increase in supply in the market, reversing the balance between bank prices and the free market.
SHARP DECLINE IN BENCHMARK PRICES
According to a report on NTV, in addition to the increasing gold supply in domestic markets, a decrease in demand from investors in recent weeks has caused a significant portion of the gold offered for sale to remain unsold. This development has led to sharp declines in the benchmark prices of banks selling gold.
A FIRST IN THE HISTORY OF THE REPUBLIC
The emerging picture has also brought a first in the history of the Republic of Turkey. In the Grand Bazaar, which is considered the center of the physical gold market, gold prices have risen to levels higher than those sold in banks. Thus, the pricing balance that has shaped itself over the years on banks has been reversed.
NEW REGULATORY STEPS MAY COME
In response to this situation, which has drawn reactions from the tradesmen in the Grand Bazaar and jewelers across Turkey, it is expressed that the CBRT is expected to take new regulatory steps to balance the abnormal movements in the market.