Thursday, January 3rd 06:27 PM IST

Turkey imports 120.78 tons of Gold in 2012

# Turkey gold  # gold exports Iran  # trade deficit  

Turkish gold imports rose 51 percent to 120.78 tonnes in 2012 from 79.7 tonnes a year earlier..

ANKARA(BullionStreet): Gold imports by Turkey climbed sharply last year to 120.78 tons, said Istanbul Gold Exchange.

In it's latest data, Turkish gold imports rose 51 percent to 120.78 tonnes in 2012 from 79.7 tonnes a year earlier..

The Exchange said in December alone, gold imports hit 3.58 tonnes, up from 2.33 tonnes a year earlier.

Turkey's gold imports are typically higher during summer months as the metal is traditionally given as a gift at weddings and circumcision ceremonies.

Gold exports also increased by 42 percent last year as Turkey has started using gold as an indirect payment tool for gas from Iran to bypass the U.S. embargo on money transactions with the Islamic Republic.

Analysts said nearly 60 percent of the gold exports went to Iran as another 30 percent went to the United Arab Emirates.

Turkey sold nearly $1 billion worth of gold to both Switzerland and the U.K. as well.

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