AA
Created Date: February 07, 2026 13:14
It is evaluated that Türkiye’s taking steps to increase gold production by using underground resources more effectively, following the increasing demand around the world, will create an opportunity that will position the country as a gold processing and trade center in the region, together with its strong refining and jewelery infrastructure.
Noting that the strategic importance of gold has increased in the current environment where geopolitical risks and global uncertainties continue, industry representatives emphasize that increasing domestic production will both strengthen economic security and reinforce Türkiye’s regional role.
Making evaluations to the AA correspondent, Gold Miners Association (AMD) President Hasan Yücel said that global interest expectations, the course of the dollar and short-term fund movements were effective in the decline in gold prices.
Yücel stated that there are sharp fluctuations in the markets, including the gold markets, due to leveraged transactions in the contract markets, and said, “Geopolitical risks have not disappeared. The need for a safe haven remains alive while the Iran crisis and the Russia-Ukraine War continue. In the short term, retreats of 3-5 percent are normal, but we think that the main direction is up in the long term.” he said.
Emphasizing that low prices offer an important opportunity for Türkiye, Yücel said, “It is necessary to see the decline in prices as an opportunity rather than a crisis, and to consider gold as a strategic product and put into effect incentives that will increase production.” he said.
Yücel stated that Türkiye’s priority should be to bring underground resources to the economy and said, “In order to be less affected by this volatile environment, we should focus on domestic production, not imports. As production increases, foreign dependency and current account deficit pressure decreases. Türkiye should secure gold by producing it, not by importing it.” he said.
PRODUCTION-CONSUMPTION DIFFERENCE SUPPORTS PRICES
Drawing attention to the increasing gold purchases of central banks, Yücel said, “Gold’s reemergence as a safe haven points to a structural trend rather than a temporary wave. Gold is expected to maintain this role as geopolitical risks and system discussions continue.” made his assessment.
Yücel stated that annual gold production worldwide is approximately 3,500 tons, global demand exceeded 5,000 tons for the first time last year, and this difference puts upward pressure on prices.
Emphasizing that Türkiye’s current annual production of approximately 28 tons should be increased, Yücel stated that the total tested gold resource is around 6 thousand 500 tons, and this can increase to 8-10 thousand tons over time.
100 TONS TARGET IS POSSIBLE FOR Türkiye
Arguing that Türkiye’s annual production target of 100 tons is achievable, Yücel noted that if the permit processes are accelerated and access to finance becomes easier, this level can be reached sustainably within 5 years with an additional investment of 5-10 billion dollars.
Yücel pointed out that public pressure, length of permit processes and uncertainties in the investment environment were effective in keeping production low and said, “It is possible to increase production with strategic planning and clear decision mechanisms. Turkey can first reach 50 tons and then 100 tons. This target is a strategic necessity in terms of reducing the current account deficit and reserve security.” he said.
Emphasizing that Türkiye has a strong refining and jewelery infrastructure, Yücel concluded his words as follows:
“By increasing production and rapidly commissioning ready projects, Türkiye can become a regional center that not only processes its own gold but also refines and trades the gold of surrounding countries.”
