Turkey’s gold exports soar on price differences
Posted by meb at April 18th, 2008
As the supply of circulating gold in Turkey has nearly doubled in recent months due to households seeking a safe haven in the uncertain economic atmosphere, gold in Turkey has become cheaper than prices on the world market, leading to a boom in bar gold exports.
İstanbul Mineral and Metals Exporters’ Association (İMMİB) Secretary-General Mutlu Öktem noted in an interview with the Anatolia news agency that global gold prices rose in particular between January and March as a consequence of simmering concerns over the global economy and a possible recession in the US economy.
Gold prices have soared to record prices, even exceeding the psychological threshold of $1,000, but retreated to just above $900 at April’s start. Overall, gold prices are 10.9 percent higher than they were at 2007’s end.
Öktem said jewelry and precious metals exports had seen a 26 percent decline in the first three months of the 2008 but that revenues had jumped more than 10 percent higher, to $374 million. The best customer for Turkish jewelry and gold was United Arab Emirates as of the first quarter of the year with $72.9 million of purchases from Turkey; the US came in second ($48.1 million), followed by the Russian Federation ($42.4 million) and Germany ($23.1 million).
source: Today’s Zaman
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