Gold Holds Its Ground While Every Other Asset Wobbles

Economist Gültekin stated this week that despite ongoing volatility across global markets, gold continues to deliver long-term reliability for investors. The comments come as gold prices have remained elevated near historic highs, even as equities and currencies swing sharply in response to geopolitical tensions and shifting central bank policy signals.

The argument is not new — gold has served as a store of value for centuries — but the current environment gives it fresh weight. Inflation remains stubborn in many economies, the U.S. dollar faces uncertainty ahead of potential Fed rate cuts, and geopolitical flashpoints from the Middle East to Eastern Europe are keeping risk appetite suppressed. In this climate, gold is not just performing — it is outperforming most traditional safe havens.

For Turkish investors, the gold story carries an extra layer of meaning. The lira's structural weakness has made gold one of the few assets that genuinely protects purchasing power over time. Whether held in physical form, gold accounts at banks, or gold-backed funds, Turkish households have been quietly increasing their gold exposure for years — and Gültekin's assessment suggests that instinct is well-founded. The short-term noise matters less than the long-term direction.

Levent KAYIRA Commentary: Ekonomik Gündem Analysis: Gold in Turkey is not an investment choice — it is a survival strategy. I watched this firsthand during my years at Garanti and Denizbank. Every time the lira came under pressure, gold deposit accounts spiked. Customers were not reading Bloomberg — they were watching their grocery bills and acting accordingly.

Right now, gram gold in Turkey trades above 3,200 TL. Five years ago it was around 500 TL. That is not gold getting more valuable — that is the lira losing ground. If you held gold through that period, your purchasing power survived. If you held lira in a standard deposit, you lost roughly 60-70% in real terms even accounting for interest.

The key question for 2025 is whether central bank gold buying — Turkey's TCMB has been an active buyer — continues to provide a structural floor. It likely does. Combined with persistent global uncertainty, gold's role as the anchor asset for Turkish retail and institutional portfolios remains intact. Short-term pullbacks are entry points, not exit signals.

Kaynak: Google News Ekonomi