Turkey buys 45.49 tons of Gold in April
Gold is big business in Turkey for cultural reasons and also because of bouts of high inflation over the past century.
Turkey bought 45.49 tons of gold in April, more than double the 18.26 tons in March.
Bourse Istanbul in a statement said price plunge during mid April prompted the country to buy more gold and is expected to beat the 2012 record of 120.78 tons by a large margin.
Turkey, which is not a major gold producer, was a net importer of gold, jewellery and precious metals in 2011 but swung to being a net exporter last year when it began shipping billions of dollars of the metal to Iran.
Gold is big business in Turkey for cultural reasons and also because of bouts of high inflation over the past century.
The metal is traditionally given as a gift at weddings and circumcision ceremonies, and demand for imports tends to surge during the summer months.
Turkey’s two-year bond yield fell after the figures, dropping to 4.97 per cent compared with 4.99 per cent just before the announcement, already a record low. The lira eased slightly to 1.7951 to the dollar from 1.7940 beforehand.
As Iran’s biggest natural gas customer, Turkey has been paying for energy imports with lira, because Western sanctions on Iran’s disputed nuclear programme prevent it from receiving dollars or euros. Iranians use those lira to buy gold in Turkey.
Meanwhile, Turkish consumer prices rose less than expected in April, data showed on Friday, strengthening expectations for further rate cuts and pushing bond yields to even deeper record lows.
Sumber : Google
No comments:
Post a Comment