Turkish gold imports hit record 370 t in 2017 – Borsa Istanbul
ANKARA – Gold imports to Turkey hit a record 370 t in 2017, more than trebling from 106.1 t, data from Borsa Istanbul showed.
This was the highest level of imports since the data was made available in 1995 and well above the previous record of 302 t set in 2013.
Imports in December alone reached 49.3 t, up 34% year-on-year.
Cagdas Kucukemiroglu, an Istanbul-based analyst with consultancy Metals Focus, said cheap credit made available through a government policy aimed at boosting small businesses had made its way into gold, while stronger economic growth had also bolstered demand.
That increase in buying pushed premiums in the Turkish market up as high as $5/oz to $6/oz for brief periods over the summer, against $1.50/oz to $2/oz currently, he said.
"The central bank also resumed increasing their gold holdings," he said. "They increased by 86 t since May 5 through the end of 2017."
Spot gold prices last year posted their biggest annual gain since 2010, rising 13%.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation