[REVISION HISTORY]

Turkish lira decline July‑August 2026

Updated 7 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-06 01:17 UTC → 2026-08-06 03:50 UTC · added ~~removed~~

The Turkish lira kept sliding through July and early August 2026, breaking historic thresholds as the dollar rose above 47.5 TRY and the euro and pound also fell to record lows. By early August the lira hit a new record of 47.58 TRY per dollar. The currency weakness coincided with a sharp rally in precious metals. Spot gold rose for a third consecutive session on 5 August, ~~reaching~~ gaining about 1.3 % to roughly $4,127 per ~~ounce and pushing~~ ounce. In Turkey the gram‑gold price ~~in Turkey~~ climbed to ~~roughly 6,315 TL.~~ a range of 6,315‑6,328 TL, with similar lifts in quarter‑gold and other bullion items. The rally was underpinned by a weaker U.S. dollar, falling oil prices and easing geopolitical tension after a Qatar‑mediated temporary agreement on the Strait of Hormuz. Market pricing of a Federal Reserve September rate‑hike slipped to 59 % from 67 %, reducing inflation concerns. Central banks added a record 289 metric tons of gold to reserves in Q2. RBC Capital Markets kept a bullish outlook that gold could approach $5,300 in a high‑scenario, while JPMorgan forecast a year‑end range of $4,300‑$4,500 if current support holds. Silver also rose, gaining about 1.9 % to $60.64 per ounce.

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