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Tuesday, 13th September 2005 (5595 views)

Gold bullion set a new 2005 high in Asia when it recently peaked around the $450 mark for a troy ounce, and worldwide sales continue to look strong.

A troy ounce is one of the most popular gold bullion measures being used on London's markets and worldwide. Gold bars range from a tenth of a troy ounce up to 400 troy ounces and each troy ounce is equivalent to approximately 31 grammes.

In addition to the burgeoning Indian and Chinese markets, there is more demand in the Middle East.

"In the Middle East, Iran and Iraq have reported a large increase in gold demand this summer driven by different factors," commented Bernard Hunter, director of ScotiaMocatta.

Iran is enjoying higher oil prices whilst those in Iraq are turning to gold as a solid investment they can keep on their person or in storage.

Frequently traded by investors, gold bullion prices are influenced by the financial market rather than other commodities such as silver or lead.

 

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