Turkey's gold imports were 1.45 mt in September, down 88% from 11.68 mt in August and 88.5% lower year on year, data from Borsa Istanbul showed Thursday, as the price of gold rose locally on the back of recovering prices for the metal and the strength of the dollar against the Turkish Lira.
"The record-high gold prices in local currency have doubtless reduced buying interest," said Commerzbank in a note Thursday.
In September, the international gold price recovered from six-year lows seen at the beginning of August, when it came close to breaking below $1,000/oz.
Imports of gold bars into India were also weak in September, down 71% to 41.7 mt, data showed last week.
Physical market demand from emerging markets has been struggling recently, with the premium paid to the international price seen at a discount in India and almost zero in Istanbul.
Gold premiums dropped in China this week during the seven day Golden Week holiday, heard as low as $2/oz.
Markets reopened Thursday with premiums heard higher at $4-5$/oz.
The London Bullion Market Association Gold Price settled at $1,143.30/oz Thursday morning, down $1.30/oz on the day.
