Turkey’s gold import doubles in 7 months

ISTANBUL - Reuters

The gold imports of Turkey have heightened to 217 tons within January-july period, Borsa Istanbul said, with the spur of steep decline in gold prices. AP photo

Turkey’s gold imports reached 217 tons in the first seven months of 2013, continuing its increase due to a sharp fall in gold prices in April, according to data from the Precious Minerals and Precious Stones Markets of Borsa Istanbul.

Turkey imported around 94.1 tons of gold during the same period of the previous year.

Due to the sharp fall in gold prices last April, the demand for gold and gold imports in Turkey increased, gold markets expert Mehmet Ali Yıldırımtürk said.

“As many couples postponed their marriages during the holy month of Ramadan, there was an accumulation of gold in the markets. We are waiting for a significant rise in the number of weddings next weeks, but there won’t be any failure in the supply. Therefore we don’t expect more rise in the gold imports in August,” Yıldırımtürk said, adding that a general rise in the gold imports should be expected in the second half of the year due to the falling trend in gold prices.

Gold is big business in Turkey, for mainly cultural reasons. The metal is traditionally given as a gift at weddings and circumcision ceremonies, and demand for imports tends to surge during summer months.