GOLD PRICE IN JAPANESE YEN — MAY 20, 2008

On Tuesday, May 20, 2008, the gold spot price was C$912.33 per troy ounce in Canadian Dollars, equivalent to ¥95,156.02 JPY per ounce or ¥3,059.33 JPY per gram. Gold rose +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.