S. Korea’s gold turnover hits record high

February 11, 2016
(Korea Times file)

(Korea Times file)

SEOUL (Yonhap) — South Korea’s gold turnover reached an all-time high on Thursday as investors flocked to safer assets amid lingering global economic uncertainties the local bourse operator said.

A total of 46,448 grams of gold bullion were traded on the day, the largest daily amount since the market opening in March 2014, according to the Korea Exchange (KRX).

The previous record was set on Nov. 24 last year when the daily turnover came to 32,493 grams.

“The surge is attributable to growing uncertainties at home and abroad such as China’s economic slowdown, the U.S. Fed’s possible rate hike and North Korea’s recent rocket launch,” a KRX official said.

The price of gold per gram finished at 46,030 won (US$38.34), up 4.28 percent, which marks the highest ever daily gain, in line with the surge in global gold prices and the stronger won, according to the KRX.

The local currency closed at 1,202.5 won against the greenback on Thursday, down 5.1 won from the previous trading day.

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