Demand for gold crises in SE Asia

Demand for gold crises in SE Asia

SINGAPORE (AFP): Demand for gold in four Southeast Asian countries rose some 23.6 percent last year to 269.4 tons, the World Gold Council said yesterday.

The council said Thailand, the region's fastest growing market for the precious metal, consumed 124 tonnes, 29 percent more than in 1993.

Indonesia accounted for 97 tons, an increase of 21 percent, Malaysia 24.8 tons, up 11 percent, and Singapore 23.9 percent up 12 percent.

"Jewelry demand in Thailand continues to be the mainstay of the market, consuming some 118 tons, up 28 percent on the year," the council said in its latest issue of Gold Demand Trends.

The council said overall demand for gold in 22 key markets totaled 2,443 tons last year, one percent lower than in 1993.

"It is interesting to note that this offtake of 2,443 tonnes exceeded by some six percent the total 1994 output of the world's gold mines," the council said.

India took 415 tons, two percent more and the United States 283 tons, an increase of one percent.