Turkish gold imports slumped 80% in Jan '15

ANKARA (Scrap Monster): The gold imports by Turkey during the initial month of the New Year plunged sharply in comparison with the previous month.

According to data published by the Istanbul Gold Exchange, the country’s gold imports totaled meager 2.26 tonnes, 80% lower than the total gold imports by the country during December 2014. Turkey had imported 11.79 tonnes of gold in Dec ‘14. When compared with 6 tonnes imported during Jan ’14, the imports were down nearly 60%.

Despite Nov ’14 gold imports touching the highest level in 18 months, the country’s overall gold imports during the entire year 2014 had plunged sharply in comparison with 2013. The imports had totaled 130.9 tonnes, 57% lower than the total gold imports by the country during 2013. Turkey had imported 302.3 tonnes of gold worth nearly $16 billion in 2013.

The country’s gold-for-oil policy had come under severe criticism following allegations including export fraud, forgery of documents and gold smuggling. Consequently, gold imports narrowed. The quantity of gold imported to meet the demand of gold buyers in India also saw huge cut. The sharp fall in domestic gold jewelry demand also led to lesser gold imports by Turkey.

Meantime, Silver imports during Jan ’15 more than tripled to 32.522 tonnes over the year. The country’s Silver imports had totaled just 9.301 tonnes in January 2014. However, the imports were slightly down when compared with 35.45 imported during December 2014.