Turkey takes steps to curb high gold imports that weigh on finances gold Turkey
In another step to address surging gold imports triggered by strong demand, Turkey called on local lenders to set a minimum spread on gold for domestic sales, Bloomberg reported.
Turkey saw a surge in gold demand last year as investors embraced the precious metal as a hedge against inflation, currency devaluation, and general uncertainty. In January, Turkey imported $5.1 billion worth of gold, according to the country's trade minister Mehmet Mus.
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