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Turkey Gold Imports Drop as Sanctions Halt Shipments to Iran

Turkey’s gold imports declined 63 percent to a seven-month low in August after the country ended exports to Iran amid tighter sanctions over its disputed nuclear program. Silver imports fell 9.3 percent.

Turkish gold imports that surged after the metal entered a bear market in April fell to 13.66 metric tons, the least since January, according to the Istanbul Gold Exchange’s website. The nation, which boosted gold shipments to Iran last year, became a net importer of bullion after ending exports to the Islamic Republic in July, Economy Minister Zafer Caglayan said Aug. 16.