Following a dramatic fall in the value of the Turkish Lira and increased gold prices, Turkey’s gold imports slumped 80% in January to just 6 tonnes.

The falling value of Lira against the US dollar has made gold more expensive and as a result negatively effected gold demand.

The Turkish population have a long held tradition of purchasing gold as a hedge against currency debasement and is one of the world’s top 5 consumers of gold.