With silver prices reaching unprecedented levels since the beginning of the year, Turkey imported 273.3 tonnes of silver last month, an all-time high in terms of monthly imports that also coincides with a strong boom in the buying of gold and other precious metals. In a context marked by geopolitical uncertainty and international tensions, many Turkish citizens are turning to these assets to protect their savings.
The demand for silver is growing globally, and this is also reflected in the Turkish market. According to Istanbul Stock Exchange data reported by Turkish media, monthly silver imports in January 2026 exceeded 273 tonnes. In 2025 as a whole, imports of this precious metal totalled 860 tonnes, although the annual record continues to be held by 2023, when Türkiye imported 1,163 tonnes.
Information from the Istanbul Stock Exchange Precious Metal Market shows that exactly 273,357 kilos of silver were imported in January, compared to 31.55 tonnes in January 2025, and up from 65.56 tonnes in December. This is the highest monthly volume of silver imports since records began in March 1999.
This record has been achieved in a period when the price of silver has risen from $71 to $121.65 per ounce, suggesting that 2026 could also be a particularly volatile year in terms of prices: while imports for the whole of 2025 totalled exactly 860,443 kilos, in the first month of 2026 alone about a third of that amount has been imported.
Rising gold prices boost silver demand
In Turkey, the demand for silver has been on a clear upward trend since 2011, both to meet the needs of the technology industry and because of demand from private investors. A significant part of the interest in precious metals has shifted towards silver as a result of the gold import quota applied in the Eurasian country, which limits imports of this metal: this has led to a sharp rise in the price per kilo of gold, which has caused many small investors to shift their interest towards silver for reasons of purchasing power.
Silver prices in Türkiye soared by more than 50% in January, driven by increased industrial demand, a tightening of physical market conditions and geopolitical tensions. However, after reaching an all-time high of $121.67 per ounce, silver prices in Turkey have fallen by more than 33% since the beginning of February.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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