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Turkey gold imports rising
Istanbul: 
 

Turkey's gold bullion imports have almost tripled in June as wedding season and world gold prices hovering around $650 levels boost consumer appetite.

Imports by one of the world's top consumers of the metal jumped by 178 per cent year-on-year in June, figures from the Istanbul Gold Exchange showed.

'Because the gold price has come off from $670 levels, there's plenty of physical buying around $640-650,,' a gold trader based in Turkey said.

'The wedding season is another factor, everyone rushes to buy jewellery,' he added.

Turkey's gold imports rose by 10 per cent in the first half of the year to 104.8 tonnes, the Exchange said.

Turkey's jewellery sector, hit by high and volatile prices in 2006, has recovered this year as world gold prices have fallen from record highs.

Spot gold was at $650.45 at 1008 GMT. The metal fell to a three-month low of $638.90 last week, and is currently trading $40 below of this year's highest, which it hit in April. Reuters


 
 
 

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