Gold prices in Japan have hit a new high, prompted by concerns over possible economic slowdowns in the United States and other countries, as well as a weaker yen.

Gold futures briefly hit 8,915 yen, or about 62.8 dollars, per gram on Monday morning, during trading on the Osaka Exchange. The price finished the day at 8,891 yen, or about 62.7 dollars, renewing a record high for two consecutive business days.

Gold futures are viewed as a relatively safe asset amid concerns about possible economic slowdowns in the US and other countries.

The recent fall in the Japanese currency has also contributed to the rise in gold prices in yen terms.

Market sources say gold prices in Japan are likely to continue to hit new highs for the time being due to differences in international monetary policies. The US and European central banks are maintaining their tight monetary policies, while the Bank of Japan is continuing monetary easing.