January 04, 2012

Grand Bazaar's Gold Merchants Turn to Bloomberg

Around 2.5m ounces of the substance change hands in its labyrinthine alleyways each year, amounting to $29bn (£18.6bn) of business and giving the Grand Bazaar a clear lead as Turkey's biggest gold market.

But that centuries-old ritual is starting to change. The economic downturn has fuelled trading of the 'safe haven" metal to such an extent that Istanbul's gold merchants have started to invest in expensive Bloomberg terminals in order to keep up with demand and step up the speed of transactions and gain access to the latest prices.

Each subscription costs $20,000 and is more commonly associated with a trading floor, but allows gold sellers to keep track of volatile prices, and instantly trade gold and currency with buyers far beyond the 4,000 shops of the Grand Bazaar.

"It's a classic fusion of tradition and revolution," said a Bloomberg spokesman.

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