What Will Be The Direction of Gold After BITT Discounts?

What Will Be The Direction of Gold After BITT Discounts? What will be the direction of gold after BITT discounts? How does the discount applied in foreign exchange transactions affect gold prices? According to the Presidential decision, which was published in the Official Gazette and entered into force today, the "% The phrase "1 (1 percent)" was revised to "two per thousand". As a result of the decision, the taxes to be paid to TL deposits according to their maturities were reduced, and Bank Insurance and Transactions Tax (BITT) applied in all foreign exchange transactions, including gold, was reduced from 1 percent to 2 per thousand. The 1 percent tax on gold purchases and sales fell to 2 per thousand along with other foreign exchange transactions.   Are Gold Prices Affected? Mehmet Ali Yıldırımtürk, vice president of Istanbul Jewelers, Jewelers and Moneychangers Association, spoke to Bloomberg HT regarding the issue. Yıldırımtürk said, "In physical gold purchases, the tax was kept at 1 percent, but it was corrected as 2 per thousand from the registered ones." “Previously, a free market price for the currency was formed between the taxed price and the bare market price. Thus, this incompatibility was eliminated. Underlining that the tax reduction will not cause much change in the gold demand, Yıldırımtürk used the following statements: "When physical gold is purchased from banks, the tax rate is 1%, so if the citizen wants to buy gold, it will come to the free market, but the price in the free market will be cheaper, not as expensive as in the tax period."