Dollar, Gold Prices Hit Record Highs in Turkey as Inflation Persists

The US dollar and gold prices soared to unprecedented levels in Turkey on Friday, reflecting the ongoing inflationary pressures faced by the nation’s residents. The dollar peaked at 31.50 Turkish liras during the morning trading session before stabilizing at 31.33 liras by midday. Concurrently, the price for one gram of gold climbed to 2,070 liras, marking a 0.86% increase within the day.

Islam Memiş, an analyst specializing in gold and money markets, published an article on Friday forecasting the continued rise of both the dollar and gold in Turkey through March. Memiş suggests that gold prices are expected to break new records as the dollar maintains its strength above the 32-lira threshold.

This financial trend underscores the struggle with high inflation that Turkish citizens have faced. A staggering annual rate of 64.86% was recorded in January.