Wednesday, 2nd February 2005 (2537 views)

Gold imports in Japan rocketed in 2004 as low domestic output meant precious metal had to be bought from abroad to meet demand.

Officials believe that gold imports for this year are set to be influenced by private investor demand and the strength of the yen.

According to data from the Finance Ministry, 73.84 tonnes of gold were imported in Japan last year, compared to 67.7 the year before.

Osamu Ikeda, general manager at Tanaka Kikinzoku Kogyo K.K.'s precious metals division told Reuters: "Demand was brisk ... but a decline in gold production among domestic mining firms meant that imports of gold increased to make up for the shortage."

Gold production for the year reached around 137 tonnes, down 18 per cent on 2003. However, 2003's results were said to be an all-time high.

The precious metal still remained considerably in demand for 2004, with demand increasing by 15 per cent and jewellery being the third most popular gold product.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.