Gold prices in Japan soar to record high amid Middle East tensions

The price of gold in Japan has reached a historic peak amidst growing concerns over the escalating situation in the Middle East, according to data from traders.

Report informs via TASS that Tanaka Kikinzoku, one of the country's largest producers and sellers of precious metals, set the retail price for 1 gram of gold at 15,104 yen ($98.63).

Local observers believe that the rising tensions in the Middle East have driven investors to seek refuge in gold, which is considered a relatively safe asset during times of uncertainty.

Another factor contributing to the surge in gold prices is the anticipated lowering of the Federal Reserve's benchmark interest rate in the United States. Lower interest rates typically boost the appeal of gold, as it becomes more attractive compared to interest-bearing assets.