Switzerland sold $3.6 billion worth of gold to Turkey in January. Last Minute EUROPE, ECONOMY, CURRENT, TURKEY headlines and events

Only in January, Switzerland exported gold to Turkey for 3 billion 600 million dollars. The 58.3 tons of gold is the largest amount of gold shipped to Turkey in a month, according to Swiss customs data, in records dating back to 2012.

Turkey’s demand for gold, considered a safe investment of wealth, has skyrocketed as high inflation has eroded the value of the Turkish lira.

Switzerland, the world’s largest center for the processing and transit of gold bars, last year exported 188 tons of gold to Turkey worth 10 billion 100 million Swiss francs, or almost $11 billion. The amount of gold sold to Turkey in 2021 was only 11 tons.

With the shipment in January, a rapid increase in the amount of gold exported to Turkey was recorded. Switzerland’s data shows that the country’s gold exports to Turkey did not exceed 34 tons one month before.

The large amount of gold transferred worsened Turkey’s current account deficit last year, widening to $48.8 billion.

Following the earthquakes that hit Turkey this month, killing thousands of people and causing massive economic damage, the government has taken steps to reduce the amount of gold imported into the country. The government has stopped some gold imports and asked banks to widen the spread between the buying and selling prices of gold transactions. Thus, it was aimed at increasing the cost of buying gold in order to reduce the demand for gold.

Swiss gold exports to Turkey accounted for 42 percent of total gold exports in January.

Switzerland also exported 3.2 tons of gold to India in January. This amount was recorded as the lowest amount of gold transferred to India since May 2021.

The 26.1 tons of gold that Switzerland sold to China in January was the lowest amount of gold exported to China since May 2022.

India and China are the world’s two largest gold consumption markets.
If at the beginning of November the price of gold was $1,615.59, then on February 2 it rose to $1,959.60. Today, the price of an ounce of gold has dropped to $1,840.

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