Gold Trading Volumes Double in Turkey Amid Currency Crisis
- Daily average gold trading more than doubles as currency falls
- Local price of metal jumped by more than a third since March
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First Turkish President Recep Tayyip Erdogan argued citizens should buy gold, then he said sell. Add dramatic swings in the lira, and the country’s traders are now enthusiastically doing both.
Gold futures volumes have surged on the Borsa Istanbul as the volatile currency attracts speculation and after the lira’s plunge boosted the local price of metal. The 90-day average daily volume more than doubled to 40,000 contracts, from about 17,000 in March. During the same time, the value of an ounce of gold in lira rocketed more than 30 percent.