By Alimat Aliyeva

The price of gold in Japan has updated its historical maximum in light of fears of an aggravation of the situation in the Middle East, Azernews reports.

Tanaka Kikinzoku, one of the country's largest producers and sellers of precious metals, on Wednesday set the retail price for 1 g of gold at 15,104 yen ($98.63).

According to local observers, amid fears of escalation in the Middle East, the value of gold is increasing because it is considered a relatively safe asset.

Another factor in the growth of gold prices is the expectation of a reduction in the discount rate by the US Federal Reserve System (performs the functions of the central bank), which traditionally contributes to an increase in its value.