Sharp drop in Turkish gold imports from Switzerland

Switzerland’s gold exports fell in September to the lowest level in 15 months due to declining shipments to India and Turkey.

While Switzerland’s global gold exports decreased by 20 percent in September, its gold exports to Turkey decreased by 55.7 percent to 6.6 tons. In August, Swiss gold exports to Turkey decreased to 14.9 tons.

THE LARGEST GOLD BULLION REFINING CENTER IN THE WORLD

Switzerland is the largest bullion transit and refining center in the world. China and India are the world’s largest consumer markets, with high prices and seasonally sensitive local demand.

Demand for gold in India increases towards the end of the year due to the traditional wedding and festival season, but the physical gold market remained weak due to high prices within the country.

Gold prices rose to their highest level in two and a half months yesterday on concerns that the conflict between Israel and Hamas would escalate.

Today the price of an ounce of gold reached its highest level since July 20, exceeding $1,980. Domestically, the gram of gold started the day at 1,782 lira. (REUTERS, SOZCU)