Emerging nations, Turkey in an expensive gold rush

Although global gold prices are hitting record highs, they have not affected the rising demand for the commodity in Turkey, India and China, the three countries that together account for almost 60 percent of global jewelry demand. A recent second-quarter report by the World Gold Council, the market developing association, showed that these three countries generated a combined growth of 16 percent when compared with the same period a year earlier, despite a low demand in other countries, particularly in the West. “Demand almost doubled to 13.6, equal to 144 percent rise in value to 1 billion Turkish Liras,” the report said.