ID :
195492
Mon, 07/18/2011 - 07:29
Auther :
Shortlink :
https://oananews.org//node/195492
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Gold prices in S. Korea hit another record high
SEOUL, July 18 (Yonhap) -- Domestic gold prices set a fresh record high on Monday on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said.
The retail price of 1 don (3.75 grams) of pure gold in the country stood at 218,350 won (US$206), up 550 won from Saturday's quotation, according to the Korea Gold Exchange, a local gold dealer. Don is a unit used in Korea to measure gold.
The figure could translate into a one-don pure gold ring, a common present for a baby on its first birthday, fetching around 250,000 won when taxes and other costs are added, the sources said.
The gold price in South Korea surpassed the 200,000-won mark in June last year. In August 2008, the retail price of gold was some 110,000 won per don.
The runaway gold prices are becoming a global trend as investors move to hold onto safer assets in the face of high uncertainty caused by the escalating sovereign debt crisis in Europe. In addition, the recent fall in the value of the U.S. dollar is affecting the price of gold, they said.
Gold for August delivery in New York topped $1,590 an ounce on Friday, rising to a record high for the third day in a row, on speculation that debt woes in Europe will escalate.
The retail price of 1 don (3.75 grams) of pure gold in the country stood at 218,350 won (US$206), up 550 won from Saturday's quotation, according to the Korea Gold Exchange, a local gold dealer. Don is a unit used in Korea to measure gold.
The figure could translate into a one-don pure gold ring, a common present for a baby on its first birthday, fetching around 250,000 won when taxes and other costs are added, the sources said.
The gold price in South Korea surpassed the 200,000-won mark in June last year. In August 2008, the retail price of gold was some 110,000 won per don.
The runaway gold prices are becoming a global trend as investors move to hold onto safer assets in the face of high uncertainty caused by the escalating sovereign debt crisis in Europe. In addition, the recent fall in the value of the U.S. dollar is affecting the price of gold, they said.
Gold for August delivery in New York topped $1,590 an ounce on Friday, rising to a record high for the third day in a row, on speculation that debt woes in Europe will escalate.
