Turkish gold demand lifts Italian jewellery exports as leather goods suffer
Economy
Tue, 13 Aug 2024 7:51 GMT
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.
A surge in demand for gold from inflation-stricken Türkiye 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 Türkiye, 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-Kathimerini
