Core Viewpoint - The recent narrowing of the price gap between domestic physical gold prices in Turkey and international market prices indicates a return to historical averages, alleviating some pressure on the Turkish lira [1] Group 1: Price Gap Analysis - The price gap between domestic physical gold priced in Turkish lira and the international market equivalent once exceeded 5% during the autumn but has now decreased to approximately 1.5%, close to the long-term average [1] - The narrowing of this price gap is attributed to a slowdown in local foreign exchange and gold retail demand, along with an increase in market supply [1] Group 2: Demand Factors - Factors contributing to the decline in local demand include a continuous decrease in the scale of the Turkish foreign exchange-protected deposit mechanism (KKM), a moderation in the upward momentum of international gold prices, and a gradual weakening of local investment demand since summer [1] - The KKM balance has dropped significantly from around $140 billion in August 2023 to approximately $6 billion currently [1] Group 3: Gold as an Asset - The Central Bank of Turkey estimates that the amount of gold stored at home by Turkish residents is close to $500 billion, highlighting the asset's popularity in a high-inflation environment [1]
【环球财经】土耳其实物黄金价差回落至常态 市场需求趋于正常化
Xin Hua Cai Jing·2025-12-09 11:53