Mon, Sep 06, 2004 - Page 10 News List

Taiwan's demand for gold increases 19%

CNA , TAIPEI

Taiwan's demand for gold during the second quarter of this year increased 19 percent compared to a year earlier, according to the latest report released by the World Gold Council (WGC).

The encouraging second-quarter figures for consumer demand follow a 12 percent increase in consumer demand in the previous quarter, the report said.

World consumer demand for gold in the second quarter rose by 11 percent in tonnage terms and 25 percent in dollar terms when compared the same period of last year, according to the report.

"The fact that consumer demand is up, for the second successive quarter, is good news for the gold industry," the council's chief executive James Burton said about the figures on its Web site.

Taiwan's gold demand for jewelry between April and June amounted to 4.5 metric tonnes, up 19 percent from a year earlier, it said, adding that the lack of SARS outbreaks and strong promotions by gold dealers in May for Mother's Day stimulated local consumer demand.

The WGC also said that the rapid economic growth, stable price index and the public's continuous concern over economic and political prospects have led to the increase in demand for gold.

Although gold prices rose 13 percent, world gold demand for jewelry use still increased 8 percent, or 664 metric tonnes, in the second quarter compared with the year-earlier level.

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