Last Updated : 15 November 2012 at 22:35 IST
WGC: Turkey Gold market, the weakest in Q3
Source :Commodity Online/WGC
Turkey's demand totalled just 7.9 tonnes compared with a 5-year average of 13.0 tonnes. The 66% year-on-year decline contributed 15.7 tonnes to the decline in total bar and coin demand.
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ANKARA (Commodity Online): Turkey gold market was among the weakest investment markets in the third quarter of this year, according to World Gold Council.
According to WGC data, country's demand totalled just 7.9 tonnes compared with a 5-year average of 13.0 tonnes.
The 66% year-on-year decline contributed 15.7 tonnes to the decline in total bar and coin demand.
Reports suggest that purchases for both gifting and personal investment purposes were very weak and that investors instead chose to take profits on their holdings as the local price surged in line with the US$ price in late August/ September, WGC continued.
WGC also noted that, global gold demand in Q3 was 1,084.6 tonnes, worth US$57.6bn. Demand was up 10% from the previous quarter, but 11% down from record year-earlier levels primarily due to a notable drop in bar and coin purchases.
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