SEOUL, Apr. 17 (Korea Bizwire) — A rise in geopolitical risks surrounding North Korea’s nuclear and ballistic missile provocations is causing a surge in gold prices and fueling trade in the precious metal, the local exchange said Sunday. According to the Korea Exchange (KRX), a gram of gold was trading at 46,840 won (US$41), up [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korea logged a net outflow of gold not held as foreign reserve assets for the first time in four years in 2016, central bank data showed Monday. The balance of trade in non-monetary gold was valued at a surplus of US$265 million last year, according to data by [...]
INCHEON, Dec. 29 (Korea Bizwire) – The Korea Customs Service announced Thursday that gold smuggling has risen rather dramatically since 2011, with 99 cases last year worth 9.1 billion won ($7.5 million) in total value. According to the KCS, inbound gold smuggling cases dropped following the 2008 financial crisis, from ten cases (33.2 billion won) [...]
DAEJEON, Aug. 24 (Korea Bizwire) – The Korea Institute of Geoscience and Mineral Resources (KIGAM) announced Tuesday that it had discovered a deposit of 211,283 tons of gold ore in Jindo and Haenam, South Jeolla Province, using newly-developed technology. According to the institute, the ore should account for 627.5 kilograms of pure gold, which at [...]
SEOUL, June 27 (Korea Bizwire) – Local investors are increasingly beginning to lean toward the U.S. dollar and other safer assets, such as short-term deposits, market data showed Monday, following Britain’s unprecedented vote to quit the European Union (EU) that has apparently left long-term commitments riskier, as well as unattractive, amid record low interest rates. [...]