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Gold shines on flight to safety

All News 16:03 December 29, 2019

SEOUL, Dec. 29 (Yonhap) -- Gold has posted stellar returns this year, data showed Sunday, as an economic slump, a lengthy Sino-American trade row and other downside risks chilled the stock market and stoked investors' flight to safety.

According to the data compiled by Daishin Securities, the retail price of 1 don of pure gold in South Korea stood at 226,000 won (US$195) as of Thursday, up 20.16 percent from the end of last year. A don (3.75 grams) is a Korean unit used to measure gold.

Gold shines on flight to safety - 1

The country's stock market, measured by the benchmark index, the KOSPI, advanced 7.69 percent over the cited period, and bond investors, measured by an aggregate index gauging the local bond market, rose 3.7 percent during the cited period, the data showed.

The outstanding performance of gold came as the local stock market took a hit from an extended economic slump in part caused by a lengthy trade row between the United States and China.

The rate on a time deposit with a maturity of one year stood at 2.17 percent as of December last year, and an index gauging housing prices across the nation fell 0.1 percent through November, the data showed.


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