London 02/04/2012 - Turkish gold imports rose to almost three tonnes in March, treble the levels of the same month of last year and maintaining the trend since the start of this year, data from the Istanbul Gold Exchange (IGE) showed.
Gold imports reached 2.909 tonnes last month, up from 0.9 tonnes in March 2011 and compared to 2.9 tonnes in January and two tonnes in February.
But imports are still 55 percent lower in the year to date than in the corresponding period of 2011 - 17.5 tonnes were bought in the first three months of the year.
Total imports came in at 79.97 tonnes in 2011, up from 42.5 tonnes in 2010 and the highest yearly total since 2008, when 166 tonnes of gold were imported.
Meanwhile, strong silver imports of more than 20 tonnes in March brought total year-to-date volumes to 47.9 tonnes, which compares with a total 41.79 tonnes in the same 2011 period. This is already the best figure since 2008, when the country imported 73.6 tonnes of the metal acorss the whole of the year - a figure that is likely to be exceeded in 2012.
Turkey is one of the world's largest gold jewellery consumers. It has also produced some 90 tonnes of gold in the past decade, while importing 1,836 tonnes.
Turkish bullion imports through the Istanbul Gold Exchange are said to account for 90 percent of the country's total trade.
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