Domestic gold prices rose approximately fourfold over the roughly 13 years from 2012 to 2025. Dollar-denominated prices rose approximately 2.06 times, with yen depreciation accounting for the remainder. Annual trend data from Tanaka Precious Metals is used to examine domestic and overseas price movements.
According to data published by Tanaka Precious Metals, the domestic price of gold rose from an annual average of ¥4,321 per gram in 2012 to ¥17,302 per gram in 2025, reaching approximately 4.0 times its earlier level. Over the same period, the overseas dollar-denominated price rose from $1,668.86 per troy ounce to $3,431.54 per troy ounce, while the exchange rate moved from ¥80.81 per dollar to ¥150.62 per dollar.
Viewed together, these three figures indicate that both the rise in the dollar-denominated price and yen depreciation affected the increase in domestic prices. The factors behind the rise in domestic prices from 2012 to 2025 are explained in terms of both movements in the dollar-denominated price and exchange-rate fluctuations.
Specifically, the dollar-denominated price rose from approximately $1,668.86 per troy ounce to approximately $3,431.54 per troy ounce, while the yen weakened from ¥80.81 per dollar to ¥150.62 per dollar. Meanwhile, the annual average domestic price rose from ¥4,321 to ¥17,302, and the domestic price was pushed higher by both yen depreciation and the increase in the dollar-denominated price, according to the explanation.