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Impact of the Middle East on Gold Investment

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In Turkey, gold investments have accelerated due to the increasing tension in the Middle East. This also affected the demand during the wedding season. Industry officials mentioned that the restrictions on gold imports caused prices in Turkey to diverge from the rest of the world. Both the wedding season and Israel’s aggressive stance towards Palestine and Lebanon had an impact on the gold market. The growing tension in the Middle East increased the demand for gold investments. Industry representatives stated that demand for gold remained high due to geopolitical risks. It was noted that fears of the spreading war increased interest in safe haven assets. Additionally, the wedding season also accelerated gold purchases. The price of gold in Turkey is currently 130 lira higher compared to the international market. Experts pointed out that the main reason for this is the restrictions imposed on gold imports. They expressed that the increasing demand caused prices to rise even further. As of Friday, a gram of gold exchanged hands at 2,938 lira, while a quarter of gold found buyers at 4,787 lira.

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