The dollar price against the Turkish lira jumped to a new record high on Friday, touching 41.83 liras, up about 0.9%. This significant rise reflects continued pressure on the Turkish currency amid a complex mix of domestic and international factors that support the dollar's strength and push the lira toward further decline.
Meanwhile, Turkish markets are currently witnessing a wave of gold buying, unprecedented in decades. Fears of a currency collapse have prompted citizens to transfer their savings to the yellow metal, which has become a primary safe haven amid rising financial volatility and expectations of interest rate cuts in Turkey and the United States.
In local markets, the price of a gram of 22-karat gold in Istanbul's Fatih market reached 5,500 liras, creating a significant price gap of more than 500 liras between the buying and selling price, according to Turkey Today. This gap has prompted many jewelers to temporarily halt sales, reminiscent of the 1974 unrest when the country witnessed a similar price fluctuation in the gold market
