GOLD PRICE IN JAPANESE YEN — MAY 16, 2003

On Friday, May 16, 2003, the gold spot price was C$478.85 per troy ounce in Canadian Dollars, equivalent to ¥49,944.06 JPY per ounce or ¥1,605.74 JPY per gram. Gold rose +0.60% from the previous trading session.

Currency fluctuations between CAD and JPY significantly impact the effective cost of gold for international investors. Japan is the world's third-largest economy and a significant gold consumer, particularly for jewelry and industrial applications. The Bank of Japan's ultra-loose monetary policy has historically supported higher gold prices in Yen terms, making Japan an active gold market for both institutional and retail investors.