A gold bar advertisement is displayed on the exterior wall of the Korea Gold Exchange’s Jongno main branch in Jongno-gu, Seoul. (Yonhap)
SEOUL, Feb. 12 (Korea Bizwire) — The Korea Minting and Security Printing Corporation (KOMSCO) has suspended gold bar sales as global demand for the precious metal surges, fueled by renewed fears of a tariff war under newly re-elected U.S. President Donald Trump.
On April 10, gold spot prices closed at $2,908.17 per troy ounce, marking the seventh record high this year.
According to financial industry sources on April 11, KOMSCO issued an official notice to major banks, announcing the temporary suspension of gold bar sales due to supply chain constraints. The agency also posted a statement on its website, citing “raw material supply issues” and pledging to resume sales as soon as possible.
As a result, KB Kookmin Bank, which sources its gold bars from KOMSCO, will halt sales starting April 12. However, Woori Bank and Hana Bank, which receive supplies from other providers, plan to continue sales. Shinhan Bank, which procures gold bars from the Korea Gold Exchange and LS MnM instead of KOMSCO, will also maintain its offerings.
Soaring gold prices have fueled a surge in investment demand. According to the Korea Exchange, daily gold trading volume skyrocketed from 55.7 billion won ($41 million) on April 3 to 97.1 billion won ($72 million) on April 11.
The number of active gold banking accounts at Kookmin, Shinhan, and Woori banks hit an all-time high of 277,551 as of April 10, surpassing the previous record of 253,529 set in February 2024.
The primary driver behind the gold rush is market anxiety over Trump’s proposed tariff policies, which have stoked fears of renewed inflation. Analysts predict that gold prices could soon surpass the $3,000 threshold as investors flock to the metal as a hedge against economic uncertainty.
M. H. Lee (mhlee@koreabizwire.com)
