Editor’s Note
This article reports on the recent rebound in domestic spot gold prices in South Korea, following a period of sharp decline in the global precious metals market. The information is sourced from the Korea Exchange’s official data system.
(Seoul=Yonhap News) Reporter Hwang Cheol-hwan = As the sharp decline in precious metal prices in the global commodity market has subsided for now, the domestic spot gold price has risen for two consecutive days.
According to the Korea Exchange (KRX) Information Data System on the 4th, the domestic gold price (99.99_1kg) in the KRX Gold Market closed at 243,520 won per gram, up 3.15% from the previous session.
The domestic gold price had plunged 6.23% on the last trading day of last week, January 30th, and then recorded a lower limit (-10.00%) on the 2nd, continuing its sharp fall.
However, as the shockwaves from the gold and silver futures margin call that triggered the precious metal price crash subsided, it closed up 3.68% the previous day and continued its upward trend today.
In the international precious metals market, gold and silver prices also halted their decline from the previous session and began to rebound.
Overnight, April delivery gold futures on the COMEX, part of the CME Group, surged 6.1% to close at $4,935.0 per ounce. March delivery silver futures also closed up 8.2% at $83.3 per ounce.