Rising silver prices reshape gold traditions in Türkiye

ISTANBUL, Sept. 24 (Xinhua) — As global silver prices surge to a 14-year high on strong investment and industrial demand, experts say the trend is beginning to shift consumer behavior in Türkiye, where gold has long been a popular choice of investment.

Fueled by robust investment inflows, rising demand from India, the world’s leading silver consumer, and expanding use in electronics and electric vehicles, the price of silver has climbed to its highest level since 2011.

The international market price of silver has surged from about 30 U.S. dollars per ounce at the beginning of the year to 44.13 dollars, marking a 47 percent increase. In Türkiye, the price per gram jumped from 33.15 Turkish liras (80 U.S. cents) in January to 58.82 liras on Wednesday morning, up about 77 percent.

Gold has long held a central place in Turkish culture, valued both as a form of savings and as a traditional gift at weddings and other special occasions.

“Gold has become too expensive for ordinary people, so we are starting to turn to silver as a more affordable way to save and uphold this tradition,” said Gul Kaya, a 50-year-old housewife in Istanbul.

Industry professionals share a similar observation. Resat Yilmaz, a gold trader and store owner in Istanbul’s Grand Bazaar, said silver is increasingly gaining ground as an alternative store of value, signaling a subtle shift in Türkiye’s investment culture.

“Silver has nearly doubled in value in less than a year, and compared to gold, it has posted the largest gains,” he said, adding that continued demand is likely to push prices higher.

He noted the change is striking in everyday terms. “Last year, a gram of silver cost 30 liras. Today, at around 60 liras per gram, it represents a substantial investment,” Yilmaz said.

Yilmaz also noted that rising gold prices have already affected wedding traditions, with people no longer giving gifts as they once did.

“With one gram of gold trading at around 5,027 liras and purchasing power declining, silver is increasingly being used as an alternative,” Yilmaz noted.

Data from the Borsa Istanbul Precious Metals Market shows monthly average silver imports rose to 45,535 kg by the end of August, up from 33,837 kg in 2024, marking a 35 percent increase.

According to analyst Islam Memis, industrial demand is strengthening silver, with applications ranging from medicine to energy production and technology. “The world needs silver, and 2025 will be a year of growth for silver investments,” he said.

Global financial institutions expect silver’s momentum to continue, with Deutsche Bank revising its 2026 forecast upward from 40 to 45 dollars per ounce.

Dean Belder, an investment market content specialist for Investing News Network, said in his recent article that “rising geopolitical tensions, a chaotic U.S. trade and tariff policy, and continued conflict between Russia and Ukraine” are prompting investors to seek safe-haven assets such as silver.  ■