The price of gold in Japan reached its highest level in about two weeks. The retail price announced by Tanaka Kikinzoku Kogyo, the largest bullion trader, was 17,189 yen per gram, up 442 yen (2.6%) from the previous business day. The purchase price was 17,020 yen, 443 yen higher than the previous day.
The New York futures contract (core contract month), the international benchmark, also rose on the 7th to $3,448.2 per troy ounce, up $25.4 (0.7%) from the previous day and the highest level since April 22, when it hit the $3,500 level for the first time ever.
Demand for gold, which is considered a relatively “safe asset,” increased against the backdrop of heightened geopolitical risks. On April 7, Indian troops attacked Pakistani territory. On the 6th, the Israeli military also bombed the airport in Sana’a, the capital of Yemen, and other locations.
Uncertainty over U.S. tariff policy has also been a tailwind for the gold market. U.S. President Trump said on May 5 that he would announce tariffs on pharmaceuticals within two weeks. Koichiro Kamei, president of the Market Strategies Institute, believes that “buying spread among European and U.S. funds, which had recently reduced their holdings, and boosted the gold market.
