In South Korea, the gold market is always moving. The country has about 51.5 million people and covers 38,690 square miles. Gold prices are in South Korean Won (KRW), but also in U.S. Dollars, Japanese Yen, or Euro.
Gold is sold by the ounce, gram, or kilo in South Korea. Today, gold per gram is ₩118,938.94 KRW. This is a +0.07% (+₩80.70) increase from yesterday. The price for an ounce is ₩3,699,500.34 KRW, and for a kilo, it’s ₩118,941,525.60 KRW.
Key Takeaways
- South Korea’s official currency for gold pricing is the South Korean Won (KRW).
- Gold is typically quoted by the ounce, gram, or kilo in the South Korean market.
- The current price of gold per gram in South Korea is ₩118,938.94 KRW, with a +0.07% (+₩80.70) change from the previous day.
- Gold prices in South Korea are subject to constant fluctuations based on market conditions.
- South Korea has a significant impact on global gold prices due to its large economy and active participation in the gold trade.
Understanding the South Korean Gold Market Overview
South Korea’s economy is big and growing fast. It has many industries like electronics and cars. Gold has been important in South Korea’s history, especially during tough times.
During the Asian Financial Crisis, people gave over $2.2 billion worth of gold. This helped repay an IMF loan.
Historical Significance of Gold Trading
In January 1998, South Korea thought people had about 2,000 tonnes of gold. By March, a campaign collected around 226 tonnes. This shows how much gold means to South Korea.
Key Market Participants
The South Korean gold market has many players. The Korea Exchange (KRX) is a big one. It helps trade gold futures and other precious metals.
Market Infrastructure
The gold market in South Korea has changed a lot. From 2010 to 2015, trading was very low. But, it started growing again.
By 2015, trading was up. In February 2016, it hit a new high of 46.448 kgs.
The market grew a lot in 2021. It reached $X, up 221% from the year before. But, gold production went down. This means more gold is coming in from other countries.
| Metric | Value |
|---|---|
| South Korean Gold Market Size (2021) | $X |
| South Korean Gold Production (2021) | $X |
| South Korean Gold Exports (2021) | X tons (-60.1% decrease) |
| South Korean Gold Imports (2021) | X tons (increase after declining trend since 2017) |
| Largest Suppliers of Gold to South Korea | Australia (41% of total imports) |
| Average Gold Import Price in South Korea (2021) | $X per kg (+7.8% increase) |
This overview shows the history, structure, and recent changes in the South Korean gold market. It gives us a good look at this changing industry.
Latest Gold Rates and Price Movements in South Korea
As of November 30, 2024, the live gold rates in South Korea for 24K gold are impressive. The price per gram is 118,974.33 KRW. For 1 ounce, it’s 3,700,101.82 KRW. If you want 1 kilogram, it’s 118,974,334.93 KRW.
These gold rates in South Korea change often. It’s key to keep up with the Korean gold prices and the price of gold in South Korea.
LivePriceofGold gives us the latest gold prices in South Korea. Here are the current prices for different gold purities:
- 24K Gold: 118,974.33 KRW per gram (bid), 127,968.79 KRW per gram (ask)
- 22K Gold: 108,980.49 KRW per gram (bid), 117,219.42 KRW per gram (ask)
- 21K Gold: 104,102.54 KRW per gram (bid), 111,972.70 KRW per gram (ask)
| Purity | High Price | Low Price | Price Change |
|---|---|---|---|
| 24K Gold | 118,974.33 KRW/g | 118,952.79 KRW/g | 29,478.23 KRW |
| 22K Gold | 109,218.44 KRW/g | 109,198.66 KRW/g | 27,061.01 KRW |
| 21K Gold | 104,102.54 KRW/g | 104,083.69 KRW/g | 25,793.45 KRW |
The South Korean gold market is always changing. Prices move up and down for many reasons. People in South Korea can keep up with these changes. This helps them make smart choices about gold investments and purchases.
South Korean Won and Its Impact on Gold Pricing
The South Korean Won (KRW) is key in setting gold prices in South Korea. The Bank of Korea manages this currency. Changes in the KRW’s value against other currencies can change gold prices here.
Exchange Rate Fluctuations
On November 30, 2024, the exchange rates were USD/KRW at 1,395.78, EUR/KRW at 1,476.54, and GBP/KRW at 1,777.60. These rates affect gold prices in South Korea. Investors watch both gold and currency trends to decide on investments.
Currency Market Influences
The KRW’s stability affects gold prices in South Korea. If the KRW gets stronger, gold prices might drop. But if the KRW weakens, gold costs go up for local buyers.
Bank of Korea’s Monetary Policy
The Bank of Korea controls the South Korean Won. The bank’s policies, like changing interest rates, can greatly affect Korean gold prices and the gold market.
| Currency Pair | Exchange Rate (as of November 30, 2024) |
|---|---|
| USD/KRW | 1,395.78 |
| EUR/KRW | 1,476.54 |
| GBP/KRW | 1,777.60 |
“The changes in the South Korean Won deeply affect gold prices. It’s vital for investors to watch both currency and gold market trends.”
Price of Gold in South Korea: Current Market Analysis
The gold market in South Korea is influenced by global and local factors. The price of 24K gold per gram has been changing. It has gone from ₩118,952.79 to ₩118,974.33.
Global economic conditions, geopolitical events, and local policies affect gold prices in South Korea. The price of gold in South Korea has seen big changes. It has gone from -₩133,785.78 to +₩59,365.43.
The gold rates in South Korea are as follows:
| Karat | Price (KRW) | Daily Change |
|---|---|---|
| 24K | ₩118,974.33 | +₩2,510.45 |
| 23K | ₩114,314.55 | +₩2,405.85 |
| 22K | ₩109,654.77 | +₩2,301.25 |
| 21K | ₩105,004.99 | +₩2,196.65 |
| 18K | ₩90,195.01 | +₩1,882.84 |
| 14K | ₩70,051.67 | +₩1,464.43 |
The market is very volatile. The gold rates in South Korea show the global economic uncertainty’s effect.
“The price of gold in South Korea is a dynamic reflection of the interplay between global and domestic economic factors, showcasing the complex nature of the local gold market.”
As Korean gold prices keep changing, it’s important to stay updated. This helps investors and consumers make smart choices.
Gold Investment Options in South Korea
Investors in South Korea have many gold investment choices. They can pick from physical gold to digital options. Each choice fits different investors and risk levels.
Physical Gold Products
Gold bars, coins, and jewelry are favorites in South Korea. Prices change based on purity and market trends. For example, GS has gold vending machines in 30 stores, selling about 30 million South Korean won each month.
Digital Gold Investments
This is especially liked by the young in the UK, where 65% of Gen Z and millennials are interested.
Gold ETFs and Futures
South Korea also offers gold ETFs and futures trading. These let investors bet on gold prices or protect their investments. With gold prices over $2,400 per ounce, these options are in demand.
Each gold investment in South Korea has its own benefits and things to think about. Investors should look at their goals, risk comfort, and time frame to choose the best option for them.
Factors Affecting South Korean Gold Prices
The price of gold in South Korea changes due to many reasons. These reasons are both inside and outside the country. Knowing these reasons is key for those who invest in Korean gold.
| Factors | Impact on South Korean Gold Prices |
|---|---|
| Exchange Rate (KRW/USD) | Changes in the won-dollar exchange rate directly affect gold prices in South Korea. Gold is traded in US dollars worldwide. |
| Monetary Policy | Changes in interest rates by the Bank of Korea can change the won’s value. This, in turn, affects gold prices in South Korea. |
| Inflation | High inflation rates make people want to buy more gold. This is because gold is seen as a safe investment. So, gold rates South Korea go up. |
| Global Economic Conditions | Things like worldwide economic growth, political events, and central bank actions can change the gold market. This affects prices in South Korea. |
| Seasonal Demand | Festivals in South Korea, like Lunar New Year, can make people want to buy more gold. This can make Korean gold prices go up. |
| Technological Advancements | New ways to make gold, like lab-grown diamonds, can change how much gold is available. This can affect prices in South Korea’s jewelry market. |
Understanding these key factors helps investors deal with the price of gold in South Korea better. This way, they can make smart choices to take advantage of market chances.
Gold Trading Hours and Market Operations
The gold trading market in South Korea has set hours. It matches both local and international times. Knowing these hours and rules is key for those in the South Korean gold market.
Trading Sessions
The gold trading hours in South Korea follow the global market. This includes Asia, Europe, and North America. The hours are set to match the busiest times, giving investors many chances.
- Gold markets are open 24/7, five days a week. This lets traders trade at any time.
- The busiest times are during European and American hours. These times offer more chances to trade than the quiet Asian hours.
Market Regulations
The South Korean government has rules for fair trading. These rules help protect investors in the gold trading market. They cover things like trading limits, reporting, and gold quality.
| Regulation | Description |
|---|---|
| Trading Limits | South Korea has set daily limits to keep the market stable. This prevents big price changes. |
| Reporting Requirements | Traders must follow reporting rules. This keeps the market open and fair. |
| Quality Standards | The government checks gold quality strictly. This makes sure the gold is real and pure. |
Knowing the trading hours and rules helps investors. They can make smart choices in the South Korean gold market with confidence.
Different Gold Purity Standards and Their Prices
In South Korea, gold comes in many purity levels. Each level has its own price. You’ll see 24K, 22K, 18K, and 14K gold often.
As of November 26, 2024, here are the prices per gram:
- 24K (999 pure) gold: 118,113.05 South Korean Won (KRW)
- 22K (916 pure) gold: 108,299.85 KRW
- 18K (750 pure) gold: 88,673.46 KRW
- 14K (585 pure) gold: 69,165.30 KRW
Prices change based on gold content. 24K is pure gold. Lower karats mix gold with alloys for jewelry.
Traditional Korean gold jewelry is often 22K or higher. But, mass-produced items might be 10K or 14K.
Finding the purity of Korean gold jewelry can be hard. This is because of missing standards and hard-to-read hallmarks. Yet, most Asian gold, including Korean, is 18K or higher for items without stones.
“The traditional Korean gold weight measurement unit is the ‘don,’ equivalent to 3.75 grams.”
Whether buying gold bullion South Korea or gold jewelry South Korea, knowing purity and prices is key. It helps you make smart choices and get good value.
Gold Import and Export Regulations in South Korea
When trading gold in South Korea, you must follow strict rules. These rules are key for anyone trading gold across borders.
Customs Requirements
When moving gold, you must tell customs at entry and exit points. You need to show papers like invoices and certificates of origin. This proves the gold trade is real.
Some items, like medicines, might need extra checks before customs lets them in. This is true for gold import South Korea.
Documentation Process
- Businesses must keep records showing the gold’s U.S. origin for five years. This is for the Korea-U.S. Free Trade Agreement (KORUS FTA).
- Producers or exporters can self-certify the gold’s origin. This helps get lower tariffs under the KORUS FTA.
- Import papers include invoices, certificates of origin, and more. These help clear customs.
Tax Implications
Trading gold in South Korea comes with taxes. You might get lower tariffs with the KORUS FTA if you certify the gold’s origin. VAT and other taxes also depend on the gold’s type and amount.
| Tax Type | Applicable Rates |
|---|---|
| Import Duty | Preferential rates under KORUS FTA |
| Value-Added Tax (VAT) | Varies based on gold transaction volume and nature |
| Other Levies | Dependent on specific gold import/export details |
Knowing and following these gold trading South Korea rules is vital. It helps businesses and individuals trade gold smoothly with South Korea.
“Navigating the intricate web of South Korean gold market regulations is crucial for anyone involved in global gold trade. Careful attention to customs requirements, documentation processes, and tax implications can help ensure smooth and compliant transactions.”
Buying and Selling Gold in South Korea: A Practical Guide
Are you thinking about buying or selling gold in South Korea? There are a few things to keep in mind. You can buy gold from banks, dealers, jewelry shops, or online. But, make sure the gold is real and pure, especially if it’s jewelry or bullion.
When selling gold, know the current prices. You might need to show proof of where the gold came from and its purity. Both buyers and sellers should think about fees, where to store gold, and the price difference between buying and selling.
South Korea’s gold market is growing fast. GS Retail has 29 gold vending machines and plans to add 21 more by the end of the year. Young people are especially interested in gold, but experts warn it’s not always a good investment.