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Thursday, 25th March 2004 (4522 views)

Gold imports in Japan experienced a huge increase last month compared to the year before.<BR/><BR/>Imports of the precious metal rose to 6,086kg in February, an increase of 319 per cent, according to Ministry of Finance data.<BR/><BR/>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."<BR/><BR/>The ministry attributed strong market conditions and increased interest from domestic retail investors as key to the gold import rise. <BR/><BR/>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.<BR/><BR/>Since December gold imports have increased by over 200 per cent year-on-year.

 

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