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Istanbul gold ends mixed after slow trading

ISTANBUL: Istanbul gold prices ended mixed and trade was dull due to a lack of demand from the free market, brokers said.

Gold gained 2,200 lira but lost $0.40 to end at 909,200 lira per gram and $395.00 per ounce, respectively. Daily volume went up by 6.1 percent to 366 kilos.

"Demand from the free market is not so buoyant because the jewellery sector seems to be going through a dull period due to tax payments," one bank dealer said.

The first instalment of 1995 income tax payments were due to be paid by March 31.

Dealers said dollar term prices on the Istanbul Gold Exchange kept in a narrow band of $394.60-$395.80 per ounce during the week, reflecting the tight range in London.

They said the rise in lira prices was due to a weaker lira, which closed at 71,560 per dollar on the interbank, after 71,430 on Wednesday.

Turnover was 161 kilos in the first session on the exchange and 205 kilos in the second.-Reuter