Gold News

Gold futures look good as Japan joins the gold rush

New investors in gold in Japan are adding to the continued trend of buying, helping to raise gold futures for April, it has been claimed.

Prices for gold bullion rose by $6.80 an ounce to $941.70 an ounce on the New York Mercantile Exchange yesterday (March 25th), according to the Associated Press

The dollar also looked to be falling again, having lost $1.06 against the yen yesterday alone.

Ronald Leung, director of Lee Cheong gold dealers in Hong Kong, commented to Reuters on the new pattern in the Far East.

"The Japanese are pushing up the price. We heard there's some physical buying at lows, especially from the jewelry sector," he said. "Sentiment seems to be a little bullish. They think it still has a chance to see $1,000 again this year."

Gold buying in the Far East in general has seen an upsurge recently - a recent report from the World Gold Council stated that total consumer demand from China reached 326 tons in February. The country has now overtaken the US as the second largest retail market for gold jewelry after India.

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