ANKARA: Gold demand from Turkey, the fourth largest consumer of the precious metal, may be expected to fall this year, but bullion supporting role in the country’s economy is set to soar.
According to the World Gold Council (WGC), the Grand Bazaar may have lost much of its old import, but it is still the largest public gold market in Turkey.In the WGC’s new report “Turkey: gold in action,” released Thursday, the trade body notes that the country could be a good model to follow by other nations, such as India, since Anakara has undertaken gold reforms that helped bring out “stocks under the pillow”, to reduce imports and curb smuggling.
The country, adds the report, has been successful in bringing out the household gold, by including it into the financial system and strengthening economic growth.In 2012 alone, gold fabrication, consumption and recycling added at least US$3.8bn to the nation’s economy.
