Gold News

Turkish gold demand 'draws on gleaming heritage'

Global demand for commercial gold is being boosted as Turkey rekindles its ancient love affair with the precious metal, it has been claimed.

The World Gold Council (WGC) has claimed that Turkey is now the world's fourth biggest market in gold jewelry, not yet on a par with top consumer India, but the country has become a significant outlet for gold.

Gokhan Aksu, a dealer at Goldas, told MarketWatch that the metal had strong and durable heritage in the country, stating: "It's about culture. Turkish people like gold."

Meanwhile, Cetin Binatli, member of the board of Goldas, told the site: "People mainly hold physical gold in Turkey. They are not interested in gold-backed paper investments. They want to hold it [gold] or keep it in their safes or homes for rainy days."

He added that people always sought to buy gold for festivals or birthday and wedding gifts, a trend bringing Turkey into line with India and its massive gold demand at festival times – and showing the timeless global love affair with the metal.

The recent WGC report claimed that gold jewelry demand had experienced a stellar second quarter of 2007, thanks to a reduction in price volatility that had bred higher consumer confidence across the world's metal markets.


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