Switzerland sent 58.3 tons of gold worth 3.3 billion Swiss francs ($3.6 billion) to Turkey in January, by far for which month in Records stretch back Until 2012, Swiss customs data revealed on Tuesday.
Gold has traditionally been seen as a safe medium of Wealth storage and Turkish demand for Metal rose like skyHigh inflation has eroded value of the national currency.
Switzerland is the world’s largest bullion refining and transit center. Shipped 188 tons of gold worth 10.1 billion Swiss francs last year to Turkey , up of only 11 tons in 2021.
But January shipments are expedited. Switzerland’s gold exports to Turkey did not previously exceed 34 tons in 1 month according to Swiss data.
Quantity of The influx of gold into Turkey exacerbated the situation in the country current The account deficit rose to $48.8 billion last year.
After the earthquakes that struck Turkey this month, killing thousands of deaths and severe economic damage government Go to reduce the amount of Gold entering the country by suspending some imports and asking banks to widen the difference for Gold transactions, making it more expensive to shrink them demand.
Switzerland shipments to Turkey have been calculated for 42% of that it total gold exports in January.
The country sent 3.2 tons to India in January, lower for any month since May 2021, and 26.1 tons to mainland China, the lowest since May 2022.
India and China are the two largest consumer markets for gold, and demand It often goes up when gold prices go down and goes down when gold prices go up.
Gold prices jumped from their lowest levels of 1615.59 dollars an ounce in early November to $1,959.60 on February 2 before slipping back to about $1,840 by Tuesday.
