GOLD PRICE IN JAPANESE YEN — MAY 23, 2003

On Friday, May 23, 2003, the gold spot price was C$497.88 per troy ounce in Canadian Dollars, equivalent to ¥51,928.88 JPY per ounce or ¥1,669.55 JPY per gram. Gold rose +0.19% 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.