Gold Dethroned: Investors Shift Toward New Financial Haven
The Central Bank has released the results of the household expectation survey for July. According to the survey, citizens' investment preferences have shifted. While the number of those saying 'I would buy gold' has decreased, the preferred investment tool of the citizens has become clear.
The number of people saying "I'll buy gold" has decreased. The investment preference of the public has shifted.
The most striking results of the survey emerged from the responses to the question 'How do you manage your savings?'. Even though gold, traditionally seen as the safest haven in Turkey, managed to maintain its leadership, it experienced a significant loss. The proportion of those saying 'I would buy gold' declined by 4 points compared to the previous month, dropping to 40.3%.
Investors moving away from gold were observed to turn their attention to the real estate sector. The proportion of participants who made real estate their first choice by saying 'I would buy a house, shop, or land' increased by 1.4 points to 38.5%. This data proved that, despite the stagnation in the housing market, citizens still see real estate as a strong tool for preserving value in the long term.
Expectations for foreign exchange increased, while inflation decreased.
Expectations for housing price increases over the next 12 months among households have decreased by 1.33 points, falling to a level of 32.49 percent. Similarly, there has been a downward trend in annual inflation expectations. The annual inflation rate projected by citizens for the end of the next 12 months has recorded a decrease of 1.19 points compared to the previous month, standing at 44.94 percent.
Despite the anticipated slowdown in the rate of price increases, predictions regarding the foreign exchange rate continue to trend upwards. The expected US dollar exchange rate for the next 12 months among households has increased by 0.31 TL compared to the previous month, reaching a level of 52.98 TL. This survey has confirmed the belief of citizens that the gradual upward trend in the exchange rate will continue into the next year.
(The statements contained in this content are not investment advice)
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