The Japanese government says the amount of gold seized from smugglers trying to bring it into the country rose more than eight-fold in the first half of 2024, from the same period last year. Global prices of the metal have been soaring.

The Finance Ministry says customs officials reported 228 cases of gold seizures between January and June this year, up 80 percent from those months in 2023.

The volume totaled 937 kilograms, over eight times the figure a year ago.

Ministry officials believe that an increasing number of smugglers are hoping to resell gold in Japan.

Prices of the metal have surged amid Russia’s invasion of Ukraine and escalating tensions in the Middle East.

In April, retail prices at a major precious stone firm topped 13,000 yen, or nearly 90 dollars per gram for the first time.

Sources: NHK World