TURKEY August 08 2017 7:31 PM
ANKARA (Scrap Register): Commerzbank pointed out that recent data suggest strong gold demand in Turkey.
Analysts cited a report from the Istanbul Gold Exchange saying Turkey imported a record quantity of gold in July at 62.8 tons.
Bloomberg calculates that this was 13 times as much as a year earlier. The figures show that imports in the first seven months of the year soared seven-fold year-on-year to 237 tons.
The higher imports could be connected to the political uncertainties in the country, as a result of which gold is clearly in demand as a safe haven.
The introduction of a 5% import duty on gold jewelry in the United Arab Emirates at the start of the year could also play a role, causing gold to flow to Turkey rather than to Dubai.
It is probably not only a question of high consumer demand, however, as the Turkish central bank is also likely to be playing its part. It has topped up its gold reserves every month so far this year.