Gold prices soar, dollar peaks again

Turkish gold prices rose to an all-time high on Monday, driven by developments from the coronavirus pandemic and global markets, Sputnik reported.

In the free market, 24-carat gold sold for 367 Turkish liras per gram, while quarter-gold, a popular tool for investment in Turkey, was selling at 603 liras.

The exchange rate from dollars to lira shot up to a 6.79 high on Monday afternoon, from 6.62 last week.

This came after the Banking Authority of Turkey (BRSA) decided on Sunday that Turkish banks will further cut the total amount of dollar/lira money swaps and other derivative transactions with foreign residents.