Thursday, January 27, 2005

Gold rush before Lunar New Year raises prices

SINGAPORE – Premiums for gold bars have increased by two-thirds in Singapore, a centre for bullion trading in Southeast Asia, as jewellers make last-minute purchases before the Lunar New Year, dealers said yesterday.

Gold bars fetch a premium of 50 US cents an ounce to London spot prices, up from 30 US cents last week because of strong demand from manufacturers in neighbouring Indonesia and Malaysia. The Lunar New Year falls on February 9.

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Business Day, Thailand/Reuters

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