LONDON, Feb 22: Gold prices soared 7.0 per cent in value during 2005, hitting multi-year highs owing partly to surging jewellery demand from India, China and the Middle East, the World Gold Council said here on Wednesday.

“2005 has been a momentous year for gold, with record levels of consumer demand in dollar terms and a simultaneous surge in institutional investment,” said James Burton, chief executive of the London-based WGC.

On the London Bullion Market, the price of an ounce of gold stood at $553 late on Wednesday, down from $554 on Tuesday.

Global demand soared by 16 per cent to a record high $53.6 billion worth of gold in 2005 compared with the previous year, the WGC said.—AFP