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11 May 2015
Turkey’s gold imports witnesses a 50% drop in April
FXStreet (Mumbai) - The gold imports by Turkey during the month of April this year dropped sharply over the previous year as reported by Scrap Monster.
According to data published by the Borsa Istanbul (Istanbul Gold Exchange), the country’s gold imports totaled 2.092 tonnes, 50% lower than the total gold imports by the country during April 2014. Turkey had imported 4.192 tonnes of gold in Apr ‘14.
The gold imports during April were up by over 11% when compared with the imports of 1.878 tonnes during March this year.
Industry sources indicate that the year-on-year decline in gold imports is a clear indication of Turkey’s falling domestic gold demand. Also, gold premiums substantiate the poor gold demand in the country. Gold for immediate delivery is available at a discount in Turkey.
According to World Gold Council (WGC) estimates, Turkey is the world’s fourth largest gold consumer, accounting for nearly 6% of the global gold demand. The Turkish gold imports had dropped almost 57% from 302.3 tonnes in 2013 to 130.9 tonnes in 2014.
According to data published by the Borsa Istanbul (Istanbul Gold Exchange), the country’s gold imports totaled 2.092 tonnes, 50% lower than the total gold imports by the country during April 2014. Turkey had imported 4.192 tonnes of gold in Apr ‘14.
The gold imports during April were up by over 11% when compared with the imports of 1.878 tonnes during March this year.
Industry sources indicate that the year-on-year decline in gold imports is a clear indication of Turkey’s falling domestic gold demand. Also, gold premiums substantiate the poor gold demand in the country. Gold for immediate delivery is available at a discount in Turkey.
According to World Gold Council (WGC) estimates, Turkey is the world’s fourth largest gold consumer, accounting for nearly 6% of the global gold demand. The Turkish gold imports had dropped almost 57% from 302.3 tonnes in 2013 to 130.9 tonnes in 2014.