Türkiye recognizes ‘white gold’ as precious metal, authorizes bank trading

Türkiye’s Treasury and Finance Ministry officially added palladium to its list of recognized precious metals on Friday, allowing Turkish banks to engage in a full range of trading and financial operations involving the metal.

According to a communique published in the Official Gazette, this regulatory change allows banks to open palladium deposit accounts—alongside those for gold, silver, and platinum—and to issue loans backed by palladium. Additionally, authorized precious metal institutions will be permitted to obtain precious metal loans from foreign sources using palladium as collateral.

Banks in Türkiye may open both time and demand deposit accounts in palladium on behalf of individuals and companies, whether located domestically or abroad. These accounts can be funded through physical delivery of palladium, transfers from local or international banks, or direct sales by the banks themselves.

What is palladium, why does it matter?

Palladium is a rare and lustrous silvery-white metal belonging to the platinum group of elements. It has gained global recognition for its critical role in several high-value industries. Most notably, palladium is a key component in catalytic converters used in automobiles to reduce harmful emissions—making it a vital material in the transition to greener transportation.

Beyond the automotive sector, palladium is also used in electronics, dentistry, and hydrogen purification, and has long been valued in the jewelry industry. Since 1939, it has served as an alternative to platinum in the production of white gold—an alloy prized for its bright, silvery appearance and durability. In fact, before 2004, palladium’s primary use in jewelry was in crafting white gold.

Palladium is traded on global commodities markets and, like other precious metals, is viewed as a store of value and a hedge against economic uncertainty. Its price has seen significant volatility in recent years due to rising industrial demand, supply constraints, and geopolitical factors, making it an increasingly important asset in global finance.