With global demand for gold dropping to a four-year low, Korean gold prices have also plunged. The domestic price of gold products fell from roughly US$44 a gram in September to $39 this month. At the beginning of the year, it was as high as $56.
Gold can now be purchased in the country at rates some 30 percent cheaper than last year. In 2011, the price hit a record high of $67, about 40 percent higher than the current figure.
Economists say expectations that the U.S. Fed will begin tapering its quantitative easing program have caused prices to fall in recent months.
However, Wednesday's announcement by Fed chief Ben Bernanke did not have any major impact on global gold prices, they add.
Experts say there is a chance that prices will drop further in 2014, but that they will stay in the range of $1,200 per ounce for the time being.