Turkey’s gold imports plunge in Jan Weak lira hits demand
ISTANBUL, Feb 6, (RTRS): A sharp fall in the Turkish lira and rising world gold prices curbed Turkey’s demand for gold in January, slashing monthly bullion imports by more than 80 percent, data from the Istanbul Gold Exchange showed on Thursday. Turkey imported only 6 tonnes of gold bullion in January, a 47 percent drop compared with the same month last year and an 81 percent plunge from December’s 31.65 tonnes, according to the data from the exchange, part of Bourse Istanbul. “Lira depreciation has made gold more expensive. The Fed’s steps have caused world gold prices to rise. These have all negatively effected the gold demand,” said Mehmet Ali Yildirimturk, the head of Istanbul’s Chamber of Jewellers. Investors sold off emerging market assets in expectation that the U.S. Federal Reserve will continue gradually to reduce its stimulus programme.
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