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S. Korea's gold bourse shows marked growth over 5 yrs

All Headlines 16:18 March 21, 2019

SEOUL, March 21 (Yonhap) -- During the five years since its establishment, South Korea's gold bourse has shown stable growth, with the total turnover nearly quadrupling, the bourse operator said Thursday.

The daily turnover on the gold bourse stood at 910 million won (US$806,952) this year as of Wednesday, up 279.2 percent from the end of 2014, according to the Korea Exchange (KRX).

The daily trading volume also more than tripled during the cited period from 5.6 kilograms to 19.3 kilograms, the KRX noted.

The gold bourse was launched on March 24, 2014, as the country tried to bring the unregulated market into the open so as to enhance the reliability of gold prices, as well as broaden its taxation base.

So far, a total of 19,030 kilograms of gold worth 863 billion won have been traded on the bourse.

As of Wednesday, 1 gram of gold traded at 47,640 won, up 1.5 percent from the opening day.

Individuals accounted for the majority, or 59 percent, this year, while businesses took up 25.3 percent of the total investors. Back in 2014, wholesalers accounted for 45.3 percent and individuals 54.7 percent.

The number of institutional investors has grown from nearly none to 15.5 percent this year, according to the KRX.

"We will further strengthen marketing efforts while developing diverse related products such as funds that take gold as their base assets so as to woo more investors," the KRX said in a release.

S. Korea's gold bourse shows marked growth over 5 yrs - 1

graceoh@yna.co.kr
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