Thursday, 25th March 2004 (3213 views)

Gold imports in Japan experienced a huge increase last month compared to the year before.

Imports of the precious metal rose to 6,086kg in February, an increase of 319 per cent, according to Ministry of Finance data.

Tetsuro Koide, chief manager at Japan's largest bullion house, Tanaka Kikinzoku Kogyo explained to Reuters: "The environment is favourable for investors, which is seen as a key reason behind the increase in imports."

The ministry attributed strong market conditions and increased interest from domestic retail investors as key to the gold import rise.

In addition worldwide security worries have led to buyers to look to gold as a 'safe haven' and positive signs in domestic economy have boosted imports.

Since December gold imports have increased by over 200 per cent year-on-year.

 

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