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Turkish gold demand 'will stay strong'

Demand for gold is expected to remain at strong levels in Turkey in spite of international prices reaching record highs, it has been claimed.

The Turkish lira has seen an increase in value against the US dollar, prompting investors to look to gold, Reuters reports.

A gain of more than 20 per cent was seen by the lira against the dollar in 2007, while gold prices on the Istanbul Gold Exchange ended last year at 30.5 lira per kilogram, compared with 28.8 lira in 2006, the news agency says.

Jewellers in the country said they had seen demand remain steady despite the surge in prices.

"People want a guarantee for their savings because of the problems in the world economy and they have found this guarantee in gold now," commented Serafettin Ince of Aycan FX.

Last week, Atasay Kamer of the Istanbul Mineral and Metals Exporters' Association said that Turkish gold imports rose by 20 per cent in 2007 compared with the previous year, while $3.7 billion worth of processed gold was exported last year.

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