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Gold hits record high against yen

While gold struggles to find consistent bullish momentum against the U.S. dollar, it continues to see solid performances against other currencies as it hits a new record high against the Japanese yen.

Gold is currently holding near session highs against the yen, last trading at ¥282,182.30. The precious metal has seen solid momentum against the yen through most of 2023 and is currently up nearly 18% year-to-date.

By comparison, December gold futures last traded at $1,945.90 an ounce, roughly flat on the day. Gold is up 6.2% against the U.S. dollar so far this year.

According to reports, retail prices in Japan also hit record highs, pushing above ¥10,000 ($68.31) per gram.

Some gold bulls have said that gold’s push to all-time highs against the yen foreshadows things to come in the broader market against the U.S. dollar. Several analysts expect it’s only a matter of time before gold prices hit record highs above $2,000 an ounce.

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