Gold

With its bright yellow color, gold is one of the precious mines that has attracted the attention of people since the first ages because it has the characteristics of being enchanting people, not being affected by abrasive external conditions due to its durability, being found free in nature and easy processing, and protecting its commercial value and identity in every period. Unlike other precious metals, this precious metal, which has many features of its own, has been used for thousands of years as a means of savings, ornaments, gifts and commercial exchange. The limitation in nature, the fact that its supply could not be increased suddenly in the rate of price increases and the fact that an alternative mineral could not be found yet reveals how precious gold is.

Our country has about 2% of world’s gold resources. Because gold production in our country does not meet the consumption, Türkiye is one of the world's most important importer of gold. While we had an annual average foreign trade deficit of 7.1 billion dollars in 6 years in gold mines until 2022, we had a foreign trade deficit of 11 billion dollars in 2022.

Gold production in our country first started officially in Izmir-Bergama in the Ovacik gold mine in 2001. The production of gold, which was 1.4 tons / year at the beginning, and the production of gold mines is 31 tons / year in 2022. Following the increase in gold market prices, our country's production potential is thought to be 50 tons / year.

While gold prices in the world market were around $ 270 / ounce in the 2000s, today they reach $1900/ounce- $2000/ounce. This shows that gold mining is in an important position in our country's economy.

Gold production in our country by years; (tons / year)

Date of Update: 19 June 2023