GOLD PRICE IN JAPANESE YEN — JULY 20, 2004

On Tuesday, July 20, 2004, the gold spot price was C$527.25 per troy ounce in Canadian Dollars, equivalent to ¥54,992.17 JPY per ounce or ¥1,768.04 JPY per gram. Gold fell -0.56% 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.