GOLD PRICE IN JAPANESE YEN — JULY 23, 2004

On Friday, July 23, 2004, the gold spot price was C$516.71 per troy ounce in Canadian Dollars, equivalent to ¥53,892.85 JPY per ounce or ¥1,732.69 JPY per gram. Gold fell -0.72% 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.