ID :
166209
Mon, 03/07/2011 - 07:41
Auther :
Shortlink :
http://m.oananews.org//node/166209
The shortlink copeid
Retail Prices of Gold Rise to 28-Yr High in Japan
Tokyo, March 7 (Jiji Press)--Retail prices of gold rose to a 28-year high in Japan on Monday, backed by strong demand mainly from individual investors.
Tanaka Kikinzoku Kogyo K.K. said its over-the-counter price increased 49 yen from Friday to 3,830 yen per gram, the highest since February 1983.
Including the 5 pct consumption tax, the price came to 4,021 yen, exceeding the threshold of 4,000 yen for the first time ever.
Individual investors stepped up purchases, as gold futures in New York are staying near their record highs due to political unrest in the Middle East and North Africa and increasing concern about inflation in many nations, market sources said.
On the Tokyo Commodity Exchange, the lead February 2012 gold futures contract gained as much as 53 yen to 3,814 yen temporarily, the highest for a key contract in 27 years and 10 months.
Japanese gold prices are likely to rise further because moves to shift money to safe assets remain strong due to the turmoil in the Middle East, said Koichi Iwanaga, commodity business head of Sumitomo Corp.
Tanaka Kikinzoku Kogyo K.K. said its over-the-counter price increased 49 yen from Friday to 3,830 yen per gram, the highest since February 1983.
Including the 5 pct consumption tax, the price came to 4,021 yen, exceeding the threshold of 4,000 yen for the first time ever.
Individual investors stepped up purchases, as gold futures in New York are staying near their record highs due to political unrest in the Middle East and North Africa and increasing concern about inflation in many nations, market sources said.
On the Tokyo Commodity Exchange, the lead February 2012 gold futures contract gained as much as 53 yen to 3,814 yen temporarily, the highest for a key contract in 27 years and 10 months.
Japanese gold prices are likely to rise further because moves to shift money to safe assets remain strong due to the turmoil in the Middle East, said Koichi Iwanaga, commodity business head of Sumitomo Corp.
