The price per ounce rose 21 percent in dollar terms over the past 12 months, all the way through June 30, according to the World Gold Council, the market development organization of the gold industry. The price for an ounce of gold exceeded $1,600 in markets on Monday. Analysts argue the “safe haven,” as gold is often referred to, will continue to rise in price in the weeks to come, yet remain below its 1980s peak of $2,400 per ounce.
Speaking to the Anatolia news agency in İstanbul on Tuesday, İstanbul Precious Minerals & Jewelry Exporters' Association (İDMMİB) Chairman Ayhan Güner said the “uncontrollable” rise in gold prices affected gold producers -- particularly the small-sized craftsmen -- thus taking its toll on the country's gold exports. “The jewelry sector is experiencing hard times nowadays. … We were expecting to see a substantial increase in gold exports as compared to last year. However, this year does not look that bright,” he explained.
Acknowledging an increase in gold exports of some 25 percent since January, Güner said earlier estimates were somewhat higher. “Turkey's gold exports in the first six months increased by 25.7 percent compared to the same period of 2010, totaling at $602 million. The highest sales were made in the Turkic republics, Russia and Iraq.” The İBMMİB head said the increase in demand from these markets has helped keep exports high, albeit below the desired level. “Our gold exports to the Middle Eastern and North African [MENA] markets suffered a loss due to the recent turmoil in these regions. … Exports to Libya, for instance, dropped by 88 percent in first half of this year as compared to 2010,” said Güner, who went on to state that they are currently working on projects to reinvigorate the Turkish gold market. “With high quality production and timely delivery we can have the advantage over our competitors in global gold market. … İstanbul is well positioned to become a gold trade center in its region, and we need to take advantage of that.
The rise in the price of gold per ounce has accelerated over the last two weeks; on Monday the price of gold rose for its 10th straight day, to close at $1,482.60 on July 1. The gold price has also steadily risen since the start of 2009, when it stood at $880 per ounce. |
Source : todayszaman.com
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