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Spot Gold Prices in Turkish Lira
Gold is traded all over the world, and it may be quoted in or transacted in any currency. Prices are typically quoted by the ounce, gram and kilogram. If you are looking to buy or sell gold in Turkey, you would likely see prices quoted by ounce, gram and kilo in the local currency. You may also potentially see gold quoted in other currencies as well such as U.S. Dollars or euros.
The Turkish Lira is the official currency of Turkey. The lira is also the official currency of the Turkish Republic of Northern Cyprus. Like many other currencies, the Turkish Lira can be subdivided into 10 smaller currency units.
The first Turkish Lira was in place from 1923 to 2005. The lira was pegged for a time to the British Pound and the French Franc. In 1946, the lira was pegged to the U.S. Dollar at a rate of 2.8 lira to one dollar. The lira began to lose value, however, and throughout the years lost almost all of its value. At times, the lira was considered the world’s least valuable currency and before it was revalued, it would have taken over 154,000,000 lira to buy one original gold lira coin.
The second Turkish Lira was introduced in 2005 and remains in place. A law was passed that allowed for the revaluation of the currency by the removal of six zeros. The second lira replaced the first lira at a rate of 1 to 1,000,000.
The new currency was referred to as the “new Turkish Lira” during the transition period, but several years later the “new” mark was removed and the currency once again was simply known as the Turkish Lira.
The Central Bank of the Republic of Turkey is the central bank of Turkey. The central bank was founded in 1930 and its main objective is achieving and maintaining price stability. The central bank is also tasked with issuing and controlling the nation’s currency.
Gold Pricing in Turkish Lira
The gold market is vast, and the yellow metal is traded all over the globe. The gold market sees demand primarily from investors but also from global jewelry markets. Gold prices can potentially be influenced by many different factors. Some of the main potential influences on the price of gold include:
- Interest rates
- Monetary policy
- Central bank purchases or sales
- Currency markets
- Investment demand
- Jewelry demand
Many global central banks buy and hold gold bullion to diversify their reserves. Gold may also potentially add credibility to the nation’s currency. According to Tradingeconomics.com, the Central Bank of the Republic of Turkey held 377.05 tons of gold as of the fourth quarter of 2016.
The Turkish Economy
Turkey’s economy is considered an emerging market economy according to the IMF. The economy of Turkey has been seeing rapid growth, and the nation is a leading producer of numerous agricultural products including cherries, hazelnuts, watermelons, cucumbers, green peppers, pistachios and more. Despite this, agriculture in the country has been on the decline since the 1980s and accounts for less of the country’s overall economic output.
Turkey has a robust electronics sector, and is a top producer of television sets. The country is also a large exporter of textiles and clothing. Turkey also is one of the largest shipbuilders in the world, and is also a major producer of steel.
Turkey is seeing significant growth in its tourism industry, and this arena accounts for a significant portion of the nation’s GDP.
Turkey’s financial and banking system is considered one of the strongest in Europe, Asia and the Middle East. Due to strong economic growth and stability, Turkey has attracted more foreign investment in recent years.
As the Turkish economy continues to expand, the nation may see an ongoing increase in foreign investment. A stronger economy could fuel demand for gold coins, bars and jewelry and may also potentially increase the value of the lira, making gold relatively less expensive in the process.