Gold Futures Prices Briefly Hit 15-Year High in Tokyo

By Kyodo News International, Tokyo

Dec. 5–TOKYO — Gold futures prices soared on the Tokyo Commodities Exchange on Monday, temporarily hitting a 15-year high, on strong demand globally and speculative money pouring into the market recently, traders said.

The benchmark October 2006 contract on gold futures rose to 2,018 yen per gram at one point, marking the first time since August 1990 for the futures prices to eclipse the 2,000 yen level. The contract ended the day at 1,989 yen, up 15 yen from Friday.

Gold hit $507 an ounce on the New York Mercantile Exchange on Friday, for its highest level since February 1983.

A commodity futures company official said depreciation of the yen against the dollar helped boost gold prices in yen terms, adding the prices of gold quoted in Tokyo are serving as a basis for price-making in foreign markets.

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