Amid record-high gold prices fueled by geopolitical tensions and economic uncertainties, gold has once again emerged as the preferred investment for many in Türkiye.
According to data from the Banking Regulation and Supervision Agency (BDDK), Türkiye’s top three cities—Istanbul, Ankara, and Izmir—account for over 50% of the nation’s gold deposits, with a combined value of ₺668 billion ($19.33 billion).
Record gold prices drive investment
In 2024, gold demand surged as wars, economic instability, and geopolitical tensions drove prices to record levels. While brief declines followed the U.S. presidential election, rising tensions in the Russia-Ukraine conflict pushed gold prices back to historic highs, reaffirming its status as a “safe haven” asset.
Top 10 provinces leading in gold investment in Türkiye
BDDK data reveals the provinces with the highest gold deposits in Türkiye. The top three—İstanbul, Ankara, and İzmir—are followed by regions such as Bursa and Antalya. Here are the top 10 provinces and their respective gold deposit values:
- Istanbul: ₺439.79 billion ($12.7B)
- Ankara: ₺149 billion ($4.31B)
- Izmir: ₺78.98 billion ($2.28B)
- Bursa: ₺43.64 billion ($1.26B)
- Antalya: ₺42.85 billion ($1.24B)
- Kocaeli: ₺34.73 billion ($1.005B)
- Konya: ₺29.50 billion ($853.7M)
- Adana: ₺22.40 billion ($648.2M)
- Balikesir: ₺20.74 billion ($600.2M)
- Mugla: ₺20.50 billion ($593.3M)
Note: Numbers are based on TRY/USD exchange rate data as of November 24, 2024
Provinces with the lowest gold investment
Conversely, smaller provinces in Türkiye, particularly in the east, show the lowest levels of bank-registered gold deposits. The 10 provinces with the least gold investment include:
- Ardahan: ₺536 million ($15.5M)
- Kilis: ₺657 million ($19.01M)
- Bayburt: ₺698 million ($20.2M)
- Tunceli: ₺771 million ($22.3M)
- Hakkari: ₺808 million ($23.3M)
- Igdir: ₺1.04 billion ($30.0M)
- Sirnak: ₺1.10 billion ($31.8M)
- Mus: ₺1.17 billion ($33.8M)
- Siirt: ₺1.29 billion ($37.3M)
- Agri: ₺1.42 billion ($41M)
Note: Numbers are based on TRY/USD exchange rate data as of November 24, 2024
Unaccounted wealth: ‘Gold under mattresses’
While these figures reflect gold deposits in banks, the World Gold Council estimates that Turkish households hold between 4,500 and 5,000 tons of gold in private storage, often referred to as “under the mattress.”
Experts suggest that this unregistered gold wealth may be significant in provinces with low reported bank deposits, particularly in eastern and southeastern Türkiye.
