Gold Prices Soar as Stock Markets Flounder

      February 15, 2016 12:47

      Low international oil prices, record-low interest rates and growing tensions with North Korea have prompted many more people here to put their money into gold.

      Gold prices at the Korea Gold Exchange surged around 18 percent since Jan. 2 from W163,500 per 3.75 g to W195,000 on Saturday (US$1=W1,211).

      Some 56.7 kg of gold were traded on the Korea Gold Exchange on Friday, the highest amount since it opened in March 2014.

      Pure gold is also selling like hot cakes online. Online shopping mall Auction saw sales of gold bars surge 81 percent last week after North Korea's rocket launch.

      Even though prices can fluctuate wildly, gold still enjoys a unique status in almost every culture and remains seen as a safe investment when all others lose their luster.

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