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Turkey gold imports surge 92% in April to 3.2 mt, highest level this year

London — Imports of gold into Turkey totaled 3.2 mt in April, up 92% from March to reach the highest monthly import level since December, Borsa Istanbul data showed Friday.

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The total is 54% higher than 2.09 mt a year earlier, data showed.

Turkey is the world's fourth-largest consumer of the metal after China, India and the US.

Physical gold demand has struggled this year amid high international prices, up around 20% in 2016 to $1,275/oz Friday.

Article Continues below...

Imports into Turkey totaled 3.9 mt in the first quarter of 2016, 60% lower than 6.2 mt in the same period in 2015.

The World Gold Council reported this week first-quarter global jewelery demand at its lowest level since 2009 at 482 mt, due to higher international prices.

Turkish demand totaled 8.5 mt in the first quarter, according to the WGC, down 18% to the lowest level since 2012.

"The high gold price, piled on top of the struggling domestic economy, added to [Turkish] consumer woes. Terrorist atrocities further weighed on sentiment," the WGC said Thursday.

Imports of silver into Turkey were lower meanwhile, with Borsa Istanbul data reporting a 26% decline on the month to 31.7 mt in April, to the lowest level since January.

First quarter silver imports totaled 88.5 mt in 2016, 35% lower than 119.8 mt in the same period 2015.

The London Bullion Market Association Gold Price settled at $1,275.15/oz Friday morning, down $4.10/oz on Thursday's close.

The LBMA Silver Price settled at $17.23/oz Thursday, down 28 cents/oz from Wednesday's close.

--George King Cassell, george.king.cassell@spglobal.com
--Edited by Jonathan Loades-Carter, jonathan.carter@spglobal.com