GOLD PRICE IN JAPANESE YEN — JULY 20, 2006

On Thursday, July 20, 2006, the gold spot price was C$715.78 per troy ounce in Canadian Dollars, equivalent to ¥74,655.85 JPY per ounce or ¥2,400.24 JPY per gram. Gold fell -1.64% 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.