The Gold (Control) Act

Swiss bank UBS believes gold is gearing up for its next upward move and although it has already reached record highs, investor positioning does not appear to be particularly high.

A monthly quota introduced in August last year on unprocessed gold imports is helping reduce the current account deficit, the Treasury and Finance Ministry has said.

Under the current regulation, there is a monthly quota of 12 tons of unprocessed gold imports.

The price of gold has shattered through a historic barrier, reaching an unprecedented level of $2,200 per troy ounce, following confirmation by the Federal Reserve of three anticipated interest rate reductions this year.

An unprecedented 58 billion Turkish Liras ($3bn) was invested in gold in the first quarter of 2023 in Türkiye, according to the World Gold Council (WGC).

Bar and coin investment in Türkiye reached phenomenal levels in the first quarter, breaching 50 tons for the first time on record, said the council's latest edition of the Gold Demand Trends report.

Turkey will earn nearly 7 tons of gold from a newly discovered mine in the northwestern province of Bilecik when the production capacity reaches its peak in 2024, the head of the mine's operator firm told Demirören News Agency on Oct. 23.

"We want to cast the first gold bullion at the end of 2022 and bring it to the Turkish economy," said Gübretaş President Fahrettin Poyraz.

Turkey discovered 1.92 million ounces of gold reserves in the country's northwestern province of Bilecik, the  Energy and Natural Resources Minister Fatih Dönmez said on Feb. 3. 

Speaking at the ruling Justice and Development Party's provincial congress in Bilecik, Dönmez said the new reserves are forecast to produce 6-7 tons of gold per year, while offering employment to 800 people.

Turkey reached a new record by producing 42 tons of gold last year, Energy and Natural Resources Minister Fatih Dönmez said on Jan. 7. 

"Thus, we achieved a contribution of $2.4 billion to our economy," he said in a meeting with the representatives of the Gold Miners Association.

This record supersedes the record hit in 2019, when 38 tons of gold was produced.

Turkey?s gold imports decreased by 94.4 percent in June compared to the same month in 2014 and by 18.1 percent from May 2015 to 1.35 tons, as reported by Reuters. 

Turkey imported around 24 tons of gold last June due to a dramatic rise in gold demand during last year?s wedding season. 

Turkey's gold imports surged to their highest level on record in November 2014 with 47 tons worth nearly $2 billion, which marked the highest level in 17 months.

The country's imports in November reached 46.9 tons, an increase of 609 percent from October when the country imported 6.6 tons of gold bullion, according to a statement by the Istanbul Gold Exchange on Dec. 31.