Gold prices rise on Middle East tensions
SEOUL, Jan. 5 (Yonhap) -- Escalating geopolitical tensions between the United States and Iran have caused gold prices to rise in South Korea and led to a surge in trade of the precious metal, according to the local exchange on Sunday.
According to the Korea Exchange, a gram of gold changed hands at 57,850 won (US$49.50) on Friday, up 1.74 percent from a day earlier.
The bourse operator also said the value of daily gold trading jumped 60.1 percent on-day to 3.64 billion won on Friday.
In contrast, the benchmark Korea Composite Stock Price Index fell 0.98 percent to close at 2,176.46 points on Friday, after the Pentagon confirmed the killing of an Iranian commander.
Market watchers attributed the surge in gold prices to stronger investor appetite for safe-haven assets.
On Saturday, U.S. President Donald Trump warned that Washington was targeting 52 Iranian sites and would strike if Tehran retaliated for the airstrike that killed the top Iranian general.
Ahn Young-jin, an analyst at SK Securities, said heightened tensions between the U.S. and Iran have stoked investors' flight to safety.
Ahn said the U.S. hard-line Middle East strategy has become firmer.
(END)
-
Ateez to drop new Japanese EP next week
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(4th LD) Yoon, Biden tour Samsung chip plant ahead of summit
-
N. Korea to hold state funeral for military official known for ties with Kim Jong-un
-
(3rd LD) Biden arrives in S. Korea for first summit with Yoon
-
Gov't extends mandatory quarantine for COVID-19 patients for 4 more weeks