Editor’s Note
This article reports on the recent rise in domestic precious metal prices, with specific figures from the Korea Gold Exchange. The data reflects market conditions as of the 14th.
Based on the 14th, precious metal prices at the Korea Gold Exchange showed a general upward trend. The buying price for pure gold (24K, 3.75g) was 851,000 won, up 20,000 won from the previous day, while the selling price was 735,000 won, up 15,000 won. The 18K gold price applies the product price for buying, with the selling price rising 11,100 won to 540,300 won. The 14K gold price applies the product price for buying, with the selling price rising 8,600 won to 419,000 won. The buying price for platinum (3.75g) was 328,000 won, up 3,000 won, while the selling price was 270,000 won, up 2,000 won. Silver (3.75g) rose 440 won to 11,750 won for buying and 320 won to 8,580 won for selling.
The international gold price rose $30.77 to $4,110.1 per ounce compared to the previous day, while platinum rose $7.18 to $1,644.32. Silver rose $0.46 to $51.9, and palladium rose $13.07 to $1,460.31. This rise is attributed to increased demand for safe-haven assets due to heightened trade tensions between the US and China and concerns over a potential US federal government shutdown. Additionally, expectations of interest rate cuts by the US Federal Reserve also influenced the rise in gold prices.
Gold is recognized as a long-term store of value due to its chemical stability, corrosion resistance, and non-tarnishing properties. Because of these characteristics, gold serves as a safe-haven asset during times of economic uncertainty. Investors include gold as part of their portfolios to diversify risk.
Meanwhile, the rise in gold prices is also affecting the prices of precious metal products. For jewelry products, prices have increased due to the rising gold price, leading to changes in consumer purchasing patterns. Furthermore, the rise in gold prices is having a positive impact on gold-related industries and is also contributing to the revitalization of the gold mining and refining industry.
According to Korea Gold Exchange prices as of the 13th, pure gold (24K, 3.75g) was 831,000 won for buying and 720,000 won for selling. Compared to the previous day, it rose by 12,000 won (1.44%) and 12,000 won (1.67%) respectively, setting an all-time high.
The 18K gold selling price rose 8,800 won (1.66%) to 529,200 won compared to the previous day, and the 14K gold selling price also rose 6,800 won (1.66%) to 410,400 won. Amid the overall strength in precious metals, platinum showed a strong rebound, with buying and selling prices rising 3.38% and 3.73% to 325,000 won and 268,000 won, respectively.
Silver prices also continued their upward trend. Based on silver (3.75g), the buying price was 11,310 won and the selling price was 8,260 won, up 2.12% and 2.06% from the previous day, respectively.