Buying gold? Try Istanbul's Grand Bazaar

Buying gold? Try Istanbul's Grand Bazaar
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In these austere economic times, many have sought refuge for their savings in gold.

Gold rose to record highs last week but it’s not just on the financial markets where people are looking to protect their wealth.

In Istanbul’s Grand Bazaar, traders have been buying and selling gold since 1461, the early days of the Ottoman Empire. Its shops attract between 250,000 and half a million visitors annually.

One Moroccan tourist on a visit to the market told euronews the quality of gold varies from one store to another, but the prices are usually good. “Nevertheless, I always negotiate,” he said.

An estimated 22 billion euros worth of gold is traded at the Grand Bazaar each year.

Bora Bayraktar, Euronews’ correspondent in Istanbul said “Grand Bazaar is one of the important places where gold has been exchanged for 550 years. Even today, daily 2.5 tonnes of junk gold is brought here for processing.”

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