Turkey’s gold purchases at 10-year high

The World Gold Council released the gold demand report and data for the third quarter of 2023.

Consequently, gold purchases by consumers in Turkey increased by 93.3 percent in the first nine months of 2023 compared to the same period of the previous year, reaching a total of 159.3 tons. This figure was recorded as the peak of the last 10 years.

In the third quarter of 2023, total gold demand in Turkey was 41.4 tons, a decrease of 12 percent compared to the same period last year.

The report noted that rising inflation in Turkey had an effect on increasing demand for gold.

8-YEAR PEAK IN JEWELRY, RECORD IN BULLIONS AND COINS

Jewelry purchases by consumers in Turkey reached a total of 31 tons, an increase of 15.7 percent in the first three quarters of the year compared to the same period last year, reaching the peak of the period after 2015.

Jewelry purchases in Turkey increased by 1.8 percent in the third quarter of the year, reaching 11.2 tons.

Purchases of gold bars and coins in Turkey increased by 130.8 percent in the first nine months of 2023 compared to the same period last year, reaching 128.3 tons and reaching an all-time high.

In the period January-September 2023, the quantitative increase in purchases of gold bars and coins in Turkey ranked first in the world with 72.7 tons.

During this period, Turkish imports of precious stones, including gold, amounted to $26.9 billion, an annual increase of 89.9 percent.

On the other hand, the net purchase of gold by the Central Bank (CBRT) in the third quarter was 39 tons.

INDIA IS AT THE SUMMIT, Türkiye IS FOURTH

China ranked first in the world’s consumer demand for gold in the first 9 months of 2023 with 678.2 tons.

India ranked second on the list with 481.2 tons, while the United States ranked third with 174.1 tons.

Türkiye ranked fourth on the list.

Total demand for gold worldwide decreased by 6 percent in the third quarter of the year compared to the same quarter last year, reaching 1,147 tons.