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Gold price hits record in Japan on fear of yen stagflation

Savers worried over steady loss of purchasing power, analysts say

Gold bars for sale at a dealer in Tokyo's Ginza district. (Photo by Kosuke Imamura)

TOKYO -- The price of gold in Japan rose to its highest level ever on Monday, driven by what analysts say is a combination of geopolitical risk and worries over a weakening yen.

Gold futures on the Osaka Exchange touched 7,041 yen ($61) per gram before giving back some gains on reports that U.S. and Russian leaders were open to a summit to defuse tensions over Ukraine.

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