Retail Gold Prices Exceed 30,000 Yen per Gram for 1st Time

Tokyo, Jan. 29 (Jiji Press)–Retail gold prices in Japan exceeded 30,000 yen per gram for the first time on Thursday, reflecting a rise in geopolitical risks. Tanaka Precious Metal Technologies Co., a major precious metals seller based in Tokyo, set its tax-inclusive retail gold price at 30,248 yen per gram, up 1,775 yen from the previous day. Since topping 20,000 yen last September, the per-gram gold price has risen by 10,000 yen over the past four months. The safe-haven appeal of gold has been bolstered by the U.S. attack on Venezuela earlier this month, tensions between the United States and its European allies over the Danish autonomous territory of Greenland, and U.S. President Donald Trump’s repeated threats of force against Iran. “A spike in gold prices is not surprising,” said Toru Nishihama of Dai-ichi Life Research Institute Inc. “With political unrest in Iran adding to tensions and conflicts around the world, market participants are concerned about a global spread of confusion.” END [Copyright The Jiji Press, Ltd.]