Gold Soars to Record Price Amid Economic Jitters

  • By Lee Joon-woo

    July 23, 2020 13:19

    The price of 1 g of gold on the Korea Exchange soared to W71,700 on Wednesday, up 2.04 percent from the day before (US$1=W1,198).

    It took only four days for the new record to be set since gold broke the W70,000 mark for the first time on July 16. At one point on Wednesday, the price peaked at W71,790.

    Gold has become a sought-after safe-haven investment since the coronavirus outbreak around the world. Increased liquidity as a result of governments' expansion of fiscal spending and lowering of interest rates is now heading to safe assets.

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