A $100 increase in the price of gold per ounce translates into an estimated $400 million negative impact on Türkiye’s current account balance, according to Turkish Miners Association President Mehmet Yılmaz.
He stated that speculation over a possible military intervention in Iran has fueled volatility in global gold markets.
Yılmaz described the $5,000 per ounce level as the “new normal” for gold prices. He argued that, beyond geopolitical tensions, one of the major drivers is the weakening perception of the U.S. economy and its global standing. “The United States is no longer seen as a country with predictable policies and stability,” he said.
According to 2025 figures, Türkiye’s gold production fell to 28.4 tons, reaching only about half of the sector’s target. Yılmaz highlighted the imbalance by pointing out that the Turkish Mint alone produced 49.7 tons of jewelry and coinage in the same year. “Even for the state’s minting of quarter gold coins, our domestic production is insufficient. We are dependent on imports,” he explained.
In 2025, Türkiye imported a total of 126.3 tons of gold, Yılmaz said.
He further observed that investment demand for gold has now surpassed jewelry demand, a trend he attributed to heightened perceptions of uncertainty. “This shift is largely driven by growing concerns over global instability,” Yılmaz concluded.
Yılmaz also announced that Türkiye has moved to establish a mining exchange aimed at expanding financing options and increasing price transparency in the sector.
Regulatory approval is expected, and the platform is planned to launch in 2026, he said.
