Gold Prices Remain High in Japan on Weak Yen

Economy

Tokyo, Aug. 26 (Jiji Press)--Prices of gold, regarded as a safe-haven asset resistant to contingencies and inflation, remain high in Japan on the back of the prolonged Ukraine crisis and the yen's weakening.

At Tanaka Kikinzoku Kogyo K.K., a major Japanese precious metals seller, retail prices of gold, including tax, hit a record high of 8,969 yen per gram in April, after the start of the Russian invasion in late February, and amid global inflation. Early this year, the prices were lower, around 7,500 yen.

New York gold futures, closely watched as a global indicator, went up on the Russian incursion but are now trading at prices below the levels before the invasion.

Meanwhile, retail prices at Tanaka Kikinzoku stay high, around 8,500 yen per gram, partly reflecting the yen's recent rapid depreciation.

According to the company, more than 70 pct of its customers early this year wanted to sell gold whose prices had soared. The situation has changed, however, with gold buyers accounting for over 60 pct of its customers recently.

[Copyright The Jiji Press, Ltd.]

Jiji Press