Gold News

Business booming at Turkish gold exchange

Transaction volume at a gold exchange in Turkey has more than doubled in the last month, it has been revealed.

The Istanbul Gold Exchange saw gold bullion trading soar by 158 per cent in January compared with December, Turkish Daily News reports.

About $1.3 billion worth of gold transactions were made last month - helped by the power crisis at mines in South Africa, according to Osman Sarac, vice chairman of the exchange.

Other exchanges have also reported trading success in recent weeks, with the Shanghai Futures Exchange seeing success at the opening of its gold futures trading last month. The daily trading cap was hit by most gold contracts, the Shanghai Daily reported.

Meanwhile, Yukuji Sonoda of Daiichi Commodities told the Turkish Daily News that gold prices are expected to hit the $1,000 an ounce mark in June - potentially good news for those with gold investments.

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