Economy in Turkey: “Dollar and Gold Rally in Kapalıçarşı”

There has been a rapid increase in foreign exchange rates and gold prices today. Gold prices have reached an all-time high. With the increase in demand for gold and physical dollars in Kapalıçarşı (Grand Bazaar, Istanbul), the dollar exchange rate in the market exceeded 33 liras.

There is a noticeable increase in foreign exchange rates and gold prices today.

While the dollar exchange rate in the interbank market reached 31.71 with a 0.3% increase today, the rate exceeded 33 TL during the day in Kapalıçarşı.

Increasing expectations that the Federal Reserve will cut interest rates in June are supporting gold prices, while the addition of the increase in foreign exchange rates is also causing a rapid rise in gold prices in TL terms.

Today, the price of an ounce of gold reached an all-time high of $2,141. The price of a gram of gold also reached 2,180 TL.

In Kapalıçarşı, the price of a gram of gold was seen above 2,300 TL.

Sources in Kapalıçarşı stated that there had been an increase in the demand for gold in recent days, especially after the high inflation in February, and that this had increased the demand for physical dollars associated with gold trading, leading to a divergence in the dollar exchange rate from the interbank rate in the market.