Latest World Gold Council (WGC) figures show gold has been in high demand for the first three months of 2004.
Consumer demand for the precious metal increased by 12 per cent and 30 per cent, in tonnage terms and dollar terms respectively.
In addition the average gold price in the quarter was at $408 an ounce, compared to $352 in the same period last year, according to the Evening Standard.
However institutional investment demand was negative since gold was purchased in a rush in January following expectations of further price rises.
Looking optimistic for the future, the senior economist at the WGC, Jill Leyland argued that financial worries and geopolitical tensions could bring more buyers into the market within the next few months though.
The world's biggest gold consuming nation, India saw further growth with an increase in demand of 21 per cent, with jewellery the main use for the yellow metal.
Gold peaked in January at $425.50 and the sell-off of gold investments is believed to have continued and even intensified.
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