Turkey's gold imports have plunged 57 percent to 7.2 tonnes so far this year and are likely to be around 37 percent lower in 2012 than in 2011 due to higher global prices for the metal and a weaker lira, the head of the Istanbul Gold Exchange said. Demand is expected to remain restrained throughout 2012, Osman Sarac said on Wednesday, estimating total imports by year-end would be about 50 tonnes, down from 79.7 tonnes last year.
Turkey is the world's fourth-biggest gold consumer. Traditionally Turks see gold as a safe investment as well as having ornamental uses. Gold-buying in Turkey tends to rise during the summer months when consumers purchase bracelets, coins and other items for weddings, Sarac added. World gold prices have climbed 7.5 percent this year. Turkish gold importers have also been hit by a weaker currency.
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