Friday, 2nd June 2006 (2689 views)

Turkey saw a dramatic increase in gold imports during May.

The amount of gold Turkey imported was 45.4 per cent up on the same period last year, the Ihlas news agency said citing figures from the Istanbul Gold Exchange.

This comes despite suggestions that the price of gold could witness further declines.

In New York today (June 2nd) gold was up to around $642 per ounce from the one month low of $630.50 yesterday.

Despite this rise, analysts said they expected interest rate rises in the US to make the dollar a more attractive proposition for investors.

The US Federal Reserve is currently edging up interest rates as it looks to quell inflationary pressures.

Gold and other stocks could be pushed down if the dollar rallies.

 

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