Retail gold prices in Japan have exceeded ¥15,000 ($97.80) per gram for the first time, as of Wednesday. This surge is attributed to escalating tensions in the Middle East and a weakening yen.
Tanaka Kikinzoku Kogyo, a prominent precious metal retailer in Tokyo, reported that the price of gold rose by ¥173 from Tuesday, reaching ¥15,104 per gram, tax included.
The ongoing conflict between Israel and Hamas has increased geopolitical risks, prompting many to seek the safety of gold. Additionally, political uncertainty following next week’s U.S. presidential election is encouraging gold purchases, according to experts.
In currency markets, the dollar climbed to a three-month high against the yen on Monday. This rise is fueled by expectations that the Bank of Japan is unlikely to raise interest rates in the near future and concerns over political stability in Japan after the ruling coalition’s recent defeat in the general election.
Gold futures also experienced an increase on Wednesday, with the key contract for October 2025 delivery reaching a record high on the Osaka Exchange.
A commodities analyst stated, “Gold prices are expected to remain firm, as there are no bearish factors on the horizon.”
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