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Tuesday, April 19, 2005

Demand for Gold Bars Soars in Asia

Gold Demand is soaring in Asia today, Reuters reports premiums for gold bars doubled in Hong Kong on Tuesday. Gold bars were 50 U.S. cents an ounce higher than London spot price in Hong Kong versus 25 cents last week. Gold bars were last offered at such high premium in early 2001, said some dealers.

"Demand is there but we are running out of supply. That pushes the premiums up," Ellison Chu, a senior manager at Standard Bank London in Hong Kong told Reuters.

Gold Bars where also 50 U.S. cents an ounce higher than the London Spot price in Singapore.

These gold price premiums are unusual on 400 ounce gold bars which are generally traded at spot gold price.

Gold demand was also soaring in India. To read more on Gold Demand Increases in India visit our "Gold Price India" (goldprice.in) website.

Source: Reuters.com

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