Turkey imported 2.092 tonnes of gold in April, a drop of more than 50 percent from the same month of last year, according to data from the Borsa Istanbul.
And while April’s figure was up from the March total of 1.878 tonnes, the year-on-year drop is reflective of the downturn in Turkish demand so far in 2015.
Premiums in the country reflect the lower demand – gold for immediate delivery has been avaialble at a discount for some time now.
Economic instability and double-digit unemployment continue to hinder consumption although the wedding season is approaching when demand is expected to pick up – premiums of $2-3 are likely.
Silver imports calmed after hitting their highest on record in March at 54.6 tonnes. The country imported just 31.613 tonnes of silver in April, the lowest figure since October 2014 but up significantly from 6.604 tonnes in the same month of last year.
The country imported no platinum or palladium in April.
At an average of 181 tonnes per year over the past 10 years, Turkey is the fourth-largest consumer of gold, accounting for around six percent of global consumer demand, according to the World Gold Council.
Still, total imports in 2014 sank to 130.9 tonnes, a drop of 57 percent from 2013′s total of 302.3 tonnes, after it was alleged that the country has been paying Iran in gold for gas and oil imports.
(Editing by Mark Shaw)
The post Turkish gold imports down 50 pct year-on-year in April appeared first on The Bullion Desk.
No comments:
Post a Comment