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Turkey’s gold imports collapsed in June

In June, Turkey imported 82 percent less gold than a year ago. However, the figures for the first half of the year are 92 percent higher than in the previous year. The increased sanctions against Iran could play a role.

Turkish gold imports fell significantly last month. According to the latest Borsa Istanbul report, the country imported 8,035.16 kilograms of gold in June. Compared to the previous month, gold imports fell by 76 per cent and even 82 per cent less gold was brought into the country than in the previous year.

However, the figures for the first half of 2018 continue to be significantly higher than in the previous year. Here, Turkey’s gold imports recorded an increase of 92 percent.

The causes of the lower demand for gold can only be speculated. Turkey is the main supplier of gold to Iran. The sanctions against the Islamic Republic, which have been tightened by the USA, may play a role.

Goldreporter