Gold Price Today in Turkey in Turkish lira (TRY)

Tuesday, 15 October 2024, 5:25 PM

Gold ounce price in Turkey is 91,269.79 Turkish lira per ounce, Gold gram price is 2,934.72 Turkish lira per gram karat 24, 2,690.16 Turkish lira per gram karat 22, 2,567.88 Turkish lira per gram karat 21, 2,201.04 Turkish lira per gram karat 18.

How Gold Price is Determined in Turkey

The price of gold in Turkey is influenced by a variety of factors that intertwine local and global dynamics. Global gold prices, which are usually quoted in US dollars, play a significant role as Turkey imports a substantial amount of its gold. Therefore, fluctuations in international markets have a direct impact on domestic prices.

Additionally, exchange rates between the Turkish Lira and the US dollar are crucial. When the Lira weakens against the dollar, the cost of imported gold rises, leading to higher local gold prices. Conversely, a strong Lira can lower prices.

Another contributing factor is the local demand for gold, particularly during weddings and cultural events where gold is traditionally gifted. Seasonal trends and consumer sentiment can escalate demand, pushing prices higher.

Furthermore, government policies and taxes also affect gold pricing. Any changes in import tariffs or taxes on gold transactions can lead to price adjustments. In summary, the determination of gold prices in Turkey is a complex interplay of international pricing, currency fluctuations, local demand, and regulatory factors.

Price of Gold Bullion in Turkey in Turkish lira

• The price of gold bullion 5 grams 24K in Turkey: 14,673.60 Turkish lira
• The price of gold bullion 10 grams 24K in Turkey: 29,347.20 Turkish lira
• The price of gold bullion 20 grams 24K in Turkey: 58,694.40 Turkish lira
• The price of gold bullion 50 grams 24K in Turkey: 146,735.99 Turkish lira
• The price of gold bullion 100 grams 24K in Turkey: 293,471.99 Turkish lira
• The price of gold bullion 250 grams 24K in Turkey: 733,679.97 Turkish lira
• The price of gold bullion 500 grams 24K in Turkey: 1,467,359.94 Turkish lira
• The price of gold bullion 1000 grams 24K in Turkey: 2,934,719.88 Turkish lira

Predictions for Gold Prices in Turkey

As of late 2023, the gold market in Turkey remains highly dynamic, influenced by various economic factors. Analysts predict that gold prices may continue to experience volatility due to fluctuations in the Turkish lira, ongoing inflation, and global economic conditions. Inflation in Turkey has been a pressing issue, often driving investors toward gold as a safe-haven asset, which could lead to increased demand and higher prices.

The anticipated economic policies of the Turkish government will also play a crucial role in determining future gold prices. Interest rates set by the central bank are expected to impact investor behavior, with lower rates potentially fueling gold demand further. Additionally, geopolitical tensions in the region may contribute to market uncertainty, propelling investors into gold as a protective measure.

Given these factors, some experts forecast that gold prices in Turkey could reach new highs, especially if the lira continues to weaken. However, others caution that any abrupt changes in global economic narratives or local policies could lead to sudden price corrections. Thus, investors must stay informed and consider various market indicators as they navigate the complex gold landscape.

Gold price in Turkey in October 2024 in Turkish lira

Gold Making Charges in Turkey

The gold market in Turkey is known for its vibrant trade and dynamic pricing structures. When purchasing gold jewelry, customers often encounter gold making charges, which can significantly influence the overall cost. These charges typically range between 5% to 15% of the gram price of gold, depending on various factors such as the weight, design complexity, and craftsmanship involved in the piece.

As of recent evaluations, the average gold price in Turkey is around 1,800 Turkish Lira per gram. Considering the making charges, if we take an average rate of 10%, the additional cost could amount to approximately 180 Turkish Lira per gram. Consequently, the total cost for a gram of gold jewelry would be around 1,980 Turkish Lira, which includes both the gold price and the making charge.

It's essential for buyers to be aware of these costs, as they can vary by retailer and influence the final purchasing decision. Understanding the gold making charges can help consumers make informed choices in their gold jewelry investments.