Wednesday, 21st April 2004 (3125 views)

New figures indicate that an increasing strength in domestic economy has caused Japanese gold demand to remain high for industrial purposes.

Although investment based gold demand are currently down, the sector experienced a 200 per cent year on year increase between December and February, according to the Ministry of Finance (MOF).

A senior official at a major Japanese bullion house told Reuters: "Gold purchases in March were clearly slower and this was possibly due to high prices. But we are seeing some signs that demand for gold for investment is picking up again this month."

The spot gold price has remained positive, although strong selling pressure has been created due to a rally in the dollar.

According to reports demand for the precious metal is set to remain strong due to enthusiastic domestic signs.

 

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