Gold prices 8216 much higher in Japan 8217

Gold is proving to be a popular commodity for investors in Japan, even though its value has been dropping around the world in recent weeks.

The declining value of the yen against the dollar has had a positive impact on the precious metal, which is subsequently worth a lot more in Japan.

According to a report by the Wall Street Journal, Japanese families are picking out gold objects from closets and jewellery boxes and selling them on to metals dealers.

Speaking to the news provider, 61-year-old Masako Yoshida explained she waited for an hour to sell her gold last week and is planning to use the money for a holiday later in the year.

Naoto Mizuki, general manager at Tanaka Kinzoku, stated the crowds of people looking to cash in on their gold are getting increasingly larger.

Gold has lost around 7.4 per cent of its value from the start of the year and is close to the 52-week low of $1,535 set in May, it was recently reported by Mining.co.uk.

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