RI gold demand up 264 percent

RI gold demand up 264 percent

JAKARTA (JP): The demand for gold in Indonesia reached 40 tons
during the third quarter this year, a 264 percent increase
compared to the corresponding period last year, the World Gold
Council (WGC) said on Thursday.

WGC said in a statement that the 40 ton figure was the
country's third quarter record.

"The strong demand for gold in the third quarter in Indonesia
was attributable to the stability of local gold prices, which
stood at Rp 55,000 (about US$7.80) a gram," said WGC country
manager Leo Hadi.

He added that from the 40 ton figure, 34 tons was in the form
of jewelry.

The total gold demand in Indonesia in the year to date reached
101 tons. According to WGC, the figure marks a substantial turn
around after the WGC posted a negative demand of 54 tons for the
whole of 1998.

WGC, an international organization whose task is to monitor
and support the world's gold market, said the total demand in
countries included in its survey list rose 22 percent to 877 tons
in the third quarter. (udi)