GOLD PRICE IN JAPANESE YEN — JULY 23, 2007

On Monday, July 23, 2007, the gold spot price was C$712.63 per troy ounce in Canadian Dollars, equivalent to ¥74,327.31 JPY per ounce or ¥2,389.68 JPY per gram. Gold fell -0.63% 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.