GOLD PRICE IN JAPANESE YEN — JULY 25, 2007

On Wednesday, July 25, 2007, the gold spot price was C$701.44 per troy ounce in Canadian Dollars, equivalent to ¥73,160.19 JPY per ounce or ¥2,352.15 JPY per gram. Gold fell -1.10% 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.