Gold price hits record highs in Japan, eyes on other currencies Japan goldprice
Gold priced in Japanese yen traded at record-high levels in Japan Wednesday, according to local prices and media reports.
Market analysts see recession fears and concerns around inflation as the key triggers driving demand. 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.
"The precious metal certainly remains on a roll, securing five consecutive weekly gains, and could push higher if the fundamental drivers remain unchanged," said FXTM senior research analyst Lukman Otunuga."Gold bulls continue to draw confidence from U.S. recession fears and expectations around a less aggressive Federal Reserve."
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