A year of crisis for the lira has kept Turks buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum.
In the two weeks after President Recep Tayyip Erdogan cleared out the leadership ranks blamed for failing to stabilize the lira and draining reserves, Turkish retail investors and firms added $2.2 billion to their gold holdings, taking them to $36.4 billion, or almost triple the total last year, central bank data showed.
