Diminishing buying power pushes Turks toward 'Syrian gold' - HaberiNews

Diminishing buying power pushes Turks toward ‘Syrian gold’


The heightening cost of gold in Turkey, pair with the worldwide market and the diminishing of buying power, has prompted a convergence of lower quality items from Syria.

One, an impersonation known as “Syrian gold” because of its notoriety with Syrian diamond setters, has gone standard, having exuded from the adornments markets of the southern city of Hatay on the Syrian fringe.

One gram of gold at present costs 437 lira ($62) in Turkey, up by right around two-fifths since January. Having reached close to excessively expensive levels, the costs have pushed individuals to move in the direction of metals with lower esteems for things, for example, wedding functions, where sticking 22-karat gold coins and sets of gold adornments on couples is a Turkish custom.

Financial specialist Umit Kumcuoglu said the expanding utilization of lower-amalgam “Syrian gold” principally gets from the need to save status and convention, and would not create a huge effect on the nearby economy since it was anything but a fake item.

“In southeastern clans, purchasing gold for wedding services is a built up custom, and individuals are slanted to proceed with this training in the midst of diminishing buying power due to the coronavirus illness episode and cheapening conditions in the nation,” he revealed to Arab News.

Be that as it may, as indicated by Kumcuoglu, the continuous financial difficulties, and particularly soaring swelling, could push a few people to create fake gold later on.

Turkey’s national bank turned into the world’s greatest authority part purchaser of gold in June, as indicated by International Monetary Fund figures. In an offer to help the Turkish lira in the midst of money concerns, the bank expanded its stores by 890,000 ounces to a record level of 21.28 million in May.

According to the figures distributed by the World Gold Council, absolute national bank gold buys were 139 tons in the initial four months of 2020, with the a lot of these, 111 tons, originating from Turkey.

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