GOLD PRICE IN JAPANESE YEN — MAY 23, 2007

On Wednesday, May 23, 2007, the gold spot price was C$716.97 per troy ounce in Canadian Dollars, equivalent to ¥74,779.97 JPY per ounce or ¥2,404.23 JPY per gram. Gold rose +0.05% 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.