High prices spark gold scrap fever

The sale and purchase of gold bullion from scrap has seen a significant rise in Turkey in recent times, according to reports.

High gold prices as a result of increased cash inflows into the gold investment sector have prompted more scrap to appear in the country, Reuters reports.

The news agency states that Turkey saw 18.55 tons of gold imports during January, compared with 17.2 tons last year.

Meanwhile, exports enjoyed a 37 per cent increase in terms of value - a rise roughly parallel to that seen in gold prices.

According to a recent report from the World Gold Council, 2007 was a record year in terms of gold demand in Turkey - a trend that may continue in 2008 to the benefit of those buying gold.

Demand rose by 11 per cent to 249 tons during the year, while net retail investment also increased by two per cent to 61 tons.

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