Prices of gold hit a record high in Japan on Wednesday amid growing concerns over inflation and recession around the world, reports Nippon.com.

According to Nippon, at major precious metals seller Tanaka Kikinzoku Kogyo K.K., tax-inclusive retail prices of gold rose 20 yen from Tuesday to 8,977 yen per gram, exceeding the previous record high of 8,969 yen marked in April 2022.

The US Federal Reserve has been raising interest rates since March last year to tackle soaring prices. But speculation has emerged that the central bank would halt the rate hike campaign amid growing recession fears, spurring purchases of gold.

A market source said, "Expectations for a recovery in demand following the end of China's zero-COVID-19 policy are another factor for the gold price uptrend."

Bd-pratidin English/Golam Rosul