Gold Futures Hit Record High on Osaka Exchange

Tokyo, March 14 (Jiji Press)--The key gold futures contract hit a record high on the Osaka Exchange for the first time in about 11 months during the night session in the early hours of Tuesday.

The rise came as the New York gold futures market surged on safe-haven demand following the collapses of two U.S. midsize banks.

On the Osaka Exchange, run by Japan Exchange Group Inc. <8697>, or JPX, the most actively traded contract, currently for delivery in February 2024, rose as high as 8,176 yen per gram, topping 8,160 yen marked in April last year.

"Japanese gold futures may enter an upward trend with the next target around 8,500 yen," a commodities analyst said.

At Tanaka Kikinzoku Kogyo K.K., a major precious metals retailer, the retail price of gold rose to 9,050 yen per gram including tax on the day, hitting a record high for the second straight day.

[Copyright The Jiji Press, Ltd.]