Wednesday, 26th May 2004 (3188 views)

Gold imports in Japan are booming according to latest figures released today.

Figures from the Finance Ministry revealed that imports increased by 133.5 per cent in April to 6,800kg compared to the year before.

According to analysts the rise is due to strong gold demand for investment, with industrial use a major factor in the increase.

A senior official at a Japanese bullion house told Reuters: "There may have been an increased appetite for bargains in April after prices fell slightly from March.

"In general, demand for gold among retail investors remains strong. Continuing bullish signs in the domestic economy may also be helping to increase the use of gold."

In March gold imports dropped by 69.6 per cent but had grown by over 200 per cent each month from December to February.

 

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