Gold price hits record highs in Japan, eyes on other currencies

(Kitco News) Gold priced in Japanese yen traded at record-high levels in Japan Wednesday, according to local prices and media reports.

The precious metal reached a new record high of 8,977 yen (USD $69.28) per gram, which was higher than the previous record of 8,969 yen (USD $69.22) per gram seen in April 2022, Jiji Press reported citing prices at a major precious metals seller Tanaka Kikinzoku Kogyo K.K.

Market analysts see recession fears and concerns around inflation as the key triggers driving demand.

Spot gold priced in yen per ounce is currently trading very close to record high levels seen in April 2022. In April of last year, spot gold priced in Japanese yen was at a record high of above 254,220 yen (USD $1,962) an ounce. On Wednesday, the highest level reached in spot prices was 252,600 yen (USD $1,950) an ounce.

In the meantime, the Japanese yen has been attracting some investor flows versus the U.S. dollar on recession fears and markets looking for the Federal Reserve to pause its historic monetary policy tightening cycle. The USD/JPY pair was last trading below the ¥130 level.