5 minutes agoFall of Turkish lira causes effects on gold as well
Periskopi(8 years ago)
(8 years ago)“War<x1 diplomatic> between Ankara and Washington has put great pressure on the Turkish lira and, as a result, the gold trade has almost doubled in the country, as investors are fighting for “street” -- traditionally secure. Gold volumes have increased on Turkey's stock exchange, as the last decline of the national currency has drawn speculation and has [...]
Gold volumes have increased on Turkey's stock exchange, as the recent decline of the national currency has drawn speculation and promoted the local price of precious metals.
The average daily volume for 90 days is reported to double 40,000 contracts, from about 17,000 in March. At the same time, the price for a gold ounce in Turkish freedom increased by more than 50 percent.
Last week, Turkish President Recep Tayyip Erdogan urged the country's citizens to sell foreign currencies to strengthen the Turkish lira. The Turkish currency has regained score by 16%, showing 6.16 lira for an American dollar Wednesday, following a record drop earlier this week.
In general, the lira has lost about 40 per cent of its value this year, amid investors' concerns over the central bank's steps towards tightening monetary policy and growing dispute with the US.
Washington has imposed sanctions on Turkish officials and has hit the country's steel and aluminum exports with additional tariffs.
