Turkish People Have 5,000 Tons of Hoarded Gold, Dunya Reports

Turkish people keep about 5,000 tons of gold jewelry ‘hoarded under pillows’, Dunya reported, citing Osman Sarac, head of the Istanbul Gold Exchange.

The amount is increasing as Turks see the metal as a savings tool because of rising global gold prices, he said, according to the newspaper.

Trade volume on the Istanbul Gold Exchange is expected to rise to 150 tons in 2011 from 120 tons this year, he said.

To contact the reporter on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

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