Young Koreans Turn to Gold in Uncertain Times

  • By Hong Jun-ki

    July 16, 2021 13:19

    Young Koreans are frantically buying and selling gold in an uncertain time of their lives, and more than half of the individual transactions were made by people in their 20s and 30s.

    According to the Korea Exchange on Thursday, about W1.02 trillion worth of gold was traded in the first half, weighing about 15,521 kg.

    The bullion is stored at the Korea Securities Depository but can be withdrawn for a W20,000 service fee per kilogram.

    Individuals took up more than 50 percent of trading, and 34 percent were in their 30s and 17.8 percent in their 20s.

    Analysts say that young people invest in gold as if they were buying stocks.

    The price is not even that strong at the moment, plunging to W64,120 a gram last month, down 3.4 percent from last December (US$1=W1,141).

    But the KRX said people turn to safe assets like gold as the coronavirus pandemic drags on, cryptocurrency prices fluctuate. Somewhat superstitiously, gold is also considered a hedge against inflation.

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