Falling gold prices revive physical demand in key markets
Consumers in price sensitive regions such as India had been finding it difficult to cope with gold's rally in recent months.
The Group of Seven (G7) countries are expected to adopt an “action plan” for the stable supply of key minerals at an environmental ministers meeting scheduled over the weekend in Japan, the Yomiuri daily newspaper reported on Friday.
Japanese industry minister Yasutoshi Nishimura is considering proposing the plan for the minerals, integral for battery electric vehicle motors and batteries, in an effort to strengthen economic security, Yomiuri reported.
The countries are expected to include plans on improving the forecast of long-term demand and supply of cobalt, lithium and nickel, as well as developing an efficient recycling system in the action plan, the paper said. They will also provide over 1 trillion yen ($7.55 billion) in financial support for mining development.
The G7 climate, energy and environment ministers’ meeting will be held in northern Japanese city of Sapporo on Saturday and Sunday.
The countries are also expected to agree on basic principles for trading in greenhouse gas emission reductions, according to the newspaper.
($1 = 132.4800 yen)
(By Satoshi Sugiyama; Editing by Lincoln Feast)
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