GOLD PRICE IN JAPANESE YEN — OCTOBER 31, 2011

On Monday, October 31, 2011, the gold spot price was C$1,713.34 per troy ounce in Canadian Dollars, equivalent to ¥178,701.36 JPY per ounce or ¥5,745.38 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.