Gold prices in Japan surged to a historical high of 14,088 yen (about 94.27 U.S. dollars) per gram, fueled by the ongoing turbulence in the Middle East and the yen's depreciation.
As of Thursday, gold retail prices in Japan had reached new highs for the second consecutive day. The futures price of gold has surged to 85.85 U.S. dollars per gram, making another record. Prices for silver and platinum have also seen an uptick.
A main factor contributing to the rise in gold prices is the ongoing tensions in the Middle East, which spurs investors to seek safer assets and boosts the demand for gold.
The continued depreciation of the yen against the U.S. dollar is also playing a crucial role, as it has led investors to speculate that the Japanese government may intervene in the foreign exchange market. Although the Bank of Japan has not yet taken any intervention measures, nervousness in the market has already begun to surface.
Gold prices hit record high in Japan
Chinese Foreign Minister Wang Yi said on Wednesday that the red line on protecting civilians in conflicts must not be crossed.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a phone conversation with Sheikh Abdullah bin Zayed Al Nahyan, deputy prime minister and foreign minister of the United Arab Emirates (UAE).
Abdullah briefed Wang on the regional situation and the UAE's position, saying the country is not a party to the war, has not participated in the current conflict, and should not be subjected to illegal attacks.
He expressed appreciation for China's consistent objective and impartial stance, adding that the UAE expects China to continue to play an active and important role in the current grave circumstances to prevent further escalation of regional tensions.
The UAE will continue to take measures to ensure the safety of Chinese personnel and institutions in the country, Abdullah said.
For his part, Wang reiterated China's principled position on the current situation in Iran, noting that the spillover of war serves no one's interests and that the people of the region would be the ones to suffer.
He stressed that non-military targets related to energy, economy and people's livelihoods should not be attacked, and that the security of shipping routes must be safeguarded.
Wang noted that the UAE had worked for peace even before the conflict broke out, and that a recent foreign ministers' meeting of the Gulf Cooperation Council emphasized that dialogue and diplomacy are the only way to overcome the current crisis and safeguard regional security, which China appreciates.
China backs the UAE's legitimate demands to safeguard its national security and supports countries in the region in their continued efforts to resolve disputes through diplomatic means, Wang said.
China will not give up hope for peace and will continue to play a constructive role, Wang said, adding that China will send its special envoy on the Middle East issue to the region to conduct mediation efforts to help bring the region back to peace and stability.
Wang also expressed hope that the UAE will continue to ensure the safety of Chinese citizens and institutions in the country.
Chinese FM says red line on protecting civilians in conflict must not be crossed
