Turkish gold demand lifts Italian jewellery exports as leather goods suffer
A woman passes by a gold shop, following the results of the second round of the presidential election, in Ankara, Turkey, on May 29, 2023. [Yves Herman/Reuters]
A surge in demand for gold from inflation-stricken Turkey boosted exports of jewelry from Italy's industrial district of Arezzo in Tuscany, data showed on Monday, offsetting a drop in leather goods sales from the nearby Florence area.
Demand from Turkey, where inflation was running at 61.8% in July, drove jewelry exports from Arezzo area up 133% in the first quarter of the year compared to the same period in 2023, an Intesa Sanpaolo report on Italy's industrial districts showed.
Gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty.
[Reuters]
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