Gold Price in Turkey Today

Gram altın, çeyrek and what the coins contain

Turkish buyers track two things: the gram altın price for 24K gold and the price of the 22K çeyrek coin. Most other quotes are multiples of those two, and both are reported on television, in newspapers and on every jeweler’s screen.

The coins are struck by the state mint (Darphane) in 22 ayar (22K, 916) gold and are sold at a markup over their gold content. Gram altın is sold as small 24K bars, from 1 g upward, by banks, jewelers and refiners.

Prices come from several places at once. Jewelers follow the Kapalıçarşı and the free-market rate, banks quote their own gram prices for gold accounts, and the official exchange quotes wholesale prices. The figures are close, but a bank’s gram price usually carries a wider spread than a jeweler’s for small amounts.

For the value of pure gold in dollars, see the 24K gold price.

What a çeyrek really contains

A çeyrek of about 1.75 g at 22K holds about 1.6 g of pure gold (1.75 × 0.916). A tam holds about 6.4 g and a Cumhuriyet about 6.6 g. Compare those figures with the gram altın price and you can see the premium a coin carries.

Checking a çeyrek price

1. Take the gram altın selling price in lira.
2. Multiply by 1.603 for the pure gold in a çeyrek.
3. Compare with the jeweler’s çeyrek selling price.
4. The difference is the coin premium, which pays for minting and the dealer’s margin.

Coins are popular because they are standard, easy to give and easy to sell, and those qualities are what the premium buys. Buyers who only want gold as savings often choose gram altın instead, which has a smaller premium per gram of gold.

New and old coins

Boards often list separate prices for new and old çeyrek. Older, worn or pinned coins can weigh slightly less and are bought and sold a little lower than freshly minted ones in their original packaging. If you plan to resell, keep the coin sealed.

For the value of the metal in the coins, see the 22K gold price.

Reading prices in the Kapalıçarşı

Istanbul’s Grand Bazaar (Kapalıçarşı) has been a center of the gold trade for centuries, and its dealers still influence prices across Turkey. The bazaar is closed on Sundays. The organized market is now Borsa Istanbul, which took over the Istanbul Gold Exchange in 2013, and much of the jewelry industry has moved to a large purpose-built complex, Kuyumcukent.

How to read a dealer’s board

1. Alış is what the dealer pays you; satış is what you pay.
2. Has altın means pure gold, the base for everything else.
3. Coins are listed per piece, gram gold per gram.
4. Jewelry adds işçilik, the labor charge, on top of the 22 or 14 ayar metal value.

The gap between alış and satış widens on volatile days, when dealers protect themselves from sudden moves. A narrow spread is a sign of a calm market; a wide one means you lose more on a quick round trip.

The lira and gold

Gold in lira is the dollar price multiplied by the dollar-lira rate, so it rises when gold rises, when the lira falls, or both. The lira was redenominated in 2005, when six zeros were removed, and it has lost value sharply against the dollar since then, especially in 2018 and 2021. As a result, lira gold prices have risen far more than dollar gold prices.

That history explains why so many Turkish families hold gold at home, a habit known as yastık altı, “under the pillow.” The government and banks have run schemes to draw some of that gold into the banking system through gold deposit accounts, which pay in gold or lira.

The dollar half of the sum is the gold price per ounce today.

Converting the dollar price to gram altın

Multiply the dollar ounce price by the lira per dollar and divide by 31.1035. At an example $3,000 per ounce and 40 lira per dollar, a gram of pure gold works out to about ₺3,858. A jeweler’s gram altın selling price will be a little above that figure and the buying price a little below.

Gold bonds and accounts

The Treasury has issued gold-denominated bonds and lease certificates that pay returns linked to gold, and banks offer gold deposit accounts priced in grams. These let savers hold gold without storing it, though bank spreads apply when buying and selling.

A quick sense check

If the gram altın price rises by 5% in a day, look at the dollar-lira rate before assuming gold itself jumped. Most big daily moves in lira gold come from the currency.

Wedding gold and advice for visitors

At Turkish weddings, guests traditionally pin çeyrek coins to the couple or give gold bracelets (bilezik) during the takı ceremony. The same custom appears at circumcision celebrations, and newborns often receive a çeyrek from visitors. This keeps coin demand steady year-round, whatever the price.

• Bilezik are usually 22 ayar; the twisted burma bilezik is a classic design.
• Fashion jewelry is often 14 ayar, which is cheaper but resells for less.
• Families often keep wedding coins unopened as savings.
• Coins received as gifts are commonly sold back to jewelers later, which is why dealers always post a çeyrek buying price.

Turkish jewelry is stamped with its ayar, such as 22 or 916 and 14 or 585, usually with the maker’s mark. Coins carry the Darphane’s design and are sold in sealed packaging when new. Ask for a test if a bracelet’s stamp is worn.

For the value of gold by the gram in dollars, see the gold price per gram.

Advice for English-speaking visitors

• Ask for the price in grams and ayar, with labor listed separately. Labor is where there is room to bargain.
• Get a proper receipt (fatura) with weight and purity.
• Compare the gram price with the day’s has altın rate on a dealer’s screen.
• Ask whether a tax-free refund applies to your purchase; check current rules on gold.
• Americans must declare purchases on the CBP form when they return home.

Many bazaar shops will quote in euros or dollars for visitors, but the underlying price is set in lira. Paying in foreign cash usually means the shop’s exchange rate, which may be worse than a bank’s. Ask for the lira price and compare.

Because the çeyrek and bilezik are made in 22 ayar, their gold holds its value well, but the labor and coin premium do not; a visitor buying for resale rather than wear should prefer gram altın.

For euro-area buyers comparing with home, see the gold price in euros.

Short glossary

• Altın: gold; ayar: karat.
• Has altın: pure gold.
• Gram altın: a 1 g bar of 24K gold, and the benchmark price.
• Çeyrek, yarım, tam: quarter, half and full coins.
• Bilezik: bracelet; işçilik: labor.
• Kuyumcu: jeweler.

Other currencies are on the gold price by country list.