Gold selling spree hits Japan as prices soar
People were seen queuing outside jewelers from Tokyo to Osaka, with the price of gold in Japan jumping 4.8% this week as the dollar came close to hitting 100 yen, up from about 80 yen late last year.
Japanese sees yet another opportunity to sell their gold for cash after the metal prices soared on weaker yen.
Analysts said Japan's gold holders may be preparing to cash out of some bullion after the yen's drop has sent domestic prices of the metal soaring.
They added that gold prices climbed in Japan while prices have softened elsewhere as the declining value of the yen against the dollar makes the precious metal worth a lot more in Japan.
People were seen queuing outside jewelers from Tokyo to Osaka, with the price of gold in Japan jumping 4.8% this week as the dollar came close to hitting 100 yen, up from about 80 yen late last year.
Japan's gold market is heating up after the Bank of Japan said last week that it would flood the economy with new money, pushing down the value of the yen against the dollar and other major currencies and pushing up the value of gold in Japan.
Gold prices on the Tokyo Commodity Exchange are trading at around 5,030 yen ($50.62) a gram, up around 6.8% since the central bank announced its asset-purchase program on April 4, and 7.8% higher since the start of the year.
In contrast to Tocom prices, appetite for dollar-denominated gold globally has been lackluster, with prices trading 6% lower since the start of the year.
Gold on Comex division of the New York Mercantile Exchange was trading at $1,577.20 a troy ounce Tuesday morning, up from $1,572 on Monday.
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