Even though gold accounts in Turkish banks decreased in quantity in the first quarter, their value reached a record level of TL 24.8 billion (nearly $5.9 billion) because of soaring gold prices.Commercial tension between the U.S. and China, exchange rate and bond interest hikes, geopolitical risks and the acceleration of the normalization steps in monetary policies of central banks in developed countries marked the first quarter of the year, when fluctuations in the global economy continued.

All of this has led to a rise in the price of gold that has not lost its appeal over the course of history, causing banks' gold accounts to reach record levels, despite a decline in tons.

The domestic price of gold per gram began to rise from TL 158.8 at the beginning of the year, completing the first quarter at TL 168.5, an increase of 6.1 percent. The gold price per ounce in international markets gained 1.7 percent, rising from $1,303.2 to $1,325.5.

According to the Banking Regulation and Supervision Agency (BRSA), gold accounts in banks were TL 24.8 billion in the first quarter of year. Thus, gold accounts reached a higher level than the record level achieved at the end of last year. Of this figure, TL 24.2 billion corresponded to the accounts of domestic residents, while residents abroad constituted the remaining TL 605 million.

Precious metal deposit accounts held in banks reached around TL 24.1 billion at the end of 2017.

Gold per kilogram in the Borsa Istanbul Precious Metals and Precious Stones Market (KMKTP) closed the last trading day of March at TL 168.900. Accordingly, the size of the precious metal deposit accounts in the banks was around 146.7 tons at the end of the first quarter.

According to calculations, gold accounts in banks was 153.6 tons at the end of 2017, a decrease of 6.9 tons in precious metal deposit accounts in the last three months. ISTANBUL / DAILY SABAH WITH AA