GOLD PRICE IN JAPANESE YEN — DECEMBER 31, 2003

On Wednesday, December 31, 2003, the gold spot price was C$539.25 per troy ounce in Canadian Dollars, equivalent to ¥56,243.78 JPY per ounce or ¥1,808.28 JPY per gram. Gold fell -0.06% 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.