GOLD PRICE IN JAPANESE YEN — JULY 11, 2006

On Tuesday, July 11, 2006, the gold spot price was C$725.58 per troy ounce in Canadian Dollars, equivalent to ¥75,677.99 JPY per ounce or ¥2,433.10 JPY per gram. Gold rose +3.54% 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.