Turkey's silver imports rose 31% to 6.19 tonnes in March.
Turkey imported 6.19 tonnes of silver in the month of March. According to the Istanbul Gold Exchange, silver imports increased by 31% compared to the previous month. Last year, a total of 142.2 tonnes of silver was imported by Turkey.
The average Silver price per troy ounce was $28.8157 in March. That's the lowest level since July last year and remains well below the high of $50 dollars per troy ounce in April 2011.
Not only has the import of silver increased, but also the gold import has increased in March 2013. Gold imports in March 2013 reached a high of 18.26 tonnes for the first time since July 2012.
This is an increase compared to 17.34 tonnes in February and 2.91 tonnes compared to March 2012. Turkey had bought 120.8 tonnes of gold in 2012.
Analysts say that despite the recent slump, demand for physical gold and silver remains stable internationally.
Turkey was the fourth largest consumer of gold in 2012, according to the World Gold Council.
Source: www.bullionstreet.com
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