The market price of domestic gold updated its year-to-date low. As investors unwound long positions ahead of U.S. monetary policy decisions and major events, the stronger yen also pushed down yen-denominated prices.
Domestic gold prices fell, reaching a year-to-date low. Ahead of major events such as U.S. policy decisions and the midterm elections, investors increasingly moved to unwind long positions in gold, weighing on the market. In addition, the stronger yen and weaker dollar in the foreign exchange market pushed down yen-denominated gold prices.
The over-the-counter retail price published by Tanaka Precious Metals on the morning of the 26th was ¥22,367 per gram, down ¥45 from the end of the previous week. The price was published as of the morning of the 26th and is used as a benchmark gold price.
Against a backdrop of yen appreciation and U.S. interest-rate trends, domestic gold prices are expected to remain around current levels.