U.S. dollar, gold prices surge to historic highs in Türkiye

ISTANBUL, March 1 (Xinhua) — The value of U.S. dollar and gold surged to historic highs on Friday in Türkiye as local residents continue to contend with persistent inflation.

After briefly reaching 31.50 Turkish liras during morning trading, the exchange rate for one dollar settled at 31.33 liras by 12:50 p.m. local time (0950 GMT).

One gram of gold reached 2,070 liras, representing a 0.86 percent increase for the day.

In his most recent article published on Friday, Islam Memis, a specialist in gold and money markets, predicted that the upward trajectory of the dollar and gold in Türkiye will continue through March.

The expert anticipates that “one gram of gold will reach new records as the dollar stabilizes above the 32 lira mark.”

Turkish citizens have long been grappling with high inflation rates, which reached 64.86 percent in January.