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Turkish gold shunned by Dubai dealers over possible Iran link
- United Arab Emirates: Thursday, January 31 - 2013 at 01:32
A growing number of banks and dealers in Dubai are refusing to buy Turkish gold bars to avoid the risks associated with Turkey's gold-for-gas trade with Iran, Reuters has reported. Many dealers in Dubai's gold souk now refuse to take gold bars produced in Turkey, . Some ask for a deep discount, saying their clients such as banks and other traders had suspended dealing with Turkish bullion over the past couple of months, the report said. A Turkey-based industry source said the fact that Iranians are buying Turkish gold and shipping it via Dubai has worried international banks and traders and prompted them to suspend trading in Turkish gold bars. "This is not something declared. It has been going on very quietly for the past month. Some international banks have taken the lead in this and they are simply staying away from any gold bullion that is coming out of Turkey," the source added.
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