Gold prices hitting record highs have triggered a sharp increase in demand worldwide and in Türkiye, according to World Gold Council (WGC) data, which reported that global gold demand reached an all-time high in the third quarter of this year.
Data from the Banking Regulation and Supervision Agency (BDDK) indicated that gold deposit accounts in the Turkish banking sector doubled during the same period.
Gold deposit accounts in Turkish banks surged by 99.1 percent in the third quarter of 2025 compared to the same period last year, reaching 2.72 trillion Turkish Liras.
In the third quarter of 2024, gold deposit accounts stood at 1.36 trillion liras.
Istanbul led the country with 907.1 billion liras in gold deposit accounts, followed by Ankara with 310.2 billion liras and Izmir with 159.5 billion liras. Among other provinces, Antalya recorded 87.4 billion liras, while Bursa followed with 81.7 billion liras.
The share of gold deposit accounts within total deposits also expanded. While gold accounted for around 8 percent of total deposits in the same period last year, the ratio rose to 11 percent in 2025. Out of the 24.85 trillion liras in total deposits collected in the first nine months of the year, 2.72 trillion liras were in gold.
A breakdown of gold deposit accounts shows that 91.3 percent were held by individuals, amounting to 2.48 trillion liras, while corporate accounts represented 8.7 percent, with 235.6 billion liras.
Deposits held by non-residents also rose sharply. Gold deposit accounts from abroad increased by 141.2 percent year-on-year, climbing from 36.3 billion liras in the third quarter of 2024 to 87.5 billion liras in the same period of 2025.
Of this amount, 82.3 billion liras belonged to individuals and 5.2 billion liras to corporate accounts. The share of non-resident gold deposits within their total deposits rose from 2.7 percent last year to 5.4 percent this year.
The total global gold demand increased 3 percent year-on-year in the third quarter of this year, reaching the quarterly record high levels, according to the WGC.
The demand, including over-the-counter (OTC) transactions, increased to 1,313 tons, reaching a value of $146 billion, WGC said in a statement.
The robust growth was driven by increased investment demand, which reached 537 tons in the third quarter, supported by geopolitical uncertainties and dollar weakness.
In the first nine months of the year, global gold demand was 1 percent higher, reaching 3,717 tons, equating to $384 billion in value and rising 41 percent on an annual basis.
It noted that the central banks increased their gold purchases in the third quarter, totaling 220 tons of net gold, representing a 28 percent increase compared to the second quarter and a 10 percent increase compared to the same period last year.
