ANKARA: Imports of gold into Turkey totaled 1.43 mt in February, down 46% from 2.98 mt reported a year earlier, Borsa Istanbul data showed Thursday. The total was 10% higher than January’s 1.04 mt, which saw the lowest monthly imports since 2011.
Turkey is the world’s fourth-largest consumer of the metal after China, India and the US. Physical gold demand has struggled this year amid high international prices as gold continues to outperform in 2016, up over 15% this year to around $1,230/oz Wednesday. Platts reported earlier this week imports of gold bars into India totaled 23.8 mt in February, down 61% on January and the lowest monthly inflow on record, according to Indian customs data.
Discounts offered by local dealers to international prices have been reported in most locations, with Indian discounts — currently in the middle of a two-week long national strike by jewelers — heard as high as $30-40/oz. The differential paid for physical gold against the international price was heard at a discount in Turkey, India and China for much of this year, as local investors continue to be deterred by steep prices.
Imports of silver into Turkey were higher meanwhile, with Borsa Istanbul data reporting almost a three-fold increase on the previous month to 36.4 mt in February. The total shows the highest monthly imports since September, and is up 11% on February 2015.
The London Bullion Market Association Gold Price settled at $1,233.10/oz Wednesday morning, down $1.10/oz on Tuesday’s close. The LBMA Silver Price settled at $15.29/oz Wednesday, down 3 cents/oz at Tuesday’s close.
