ID :
199083
Thu, 08/04/2011 - 08:56
Auther :
Shortlink :
https://oananews.org//node/199083
The shortlink copeid
Gold prices in S. Korea hit all-time high
SEOUL, Aug. 4 (Yonhap) -- Domestic gold prices set a fresh record high on Thursday on the back of increased demand for safer assets amid concerns over a slowdown in the U.S. economy and lingering debt problems in Europe, industry sources said.
The retail price of 1 don (3.75 grams) of pure gold in the country stood at 223,300 won (US$211), up 3,300 won from Wednesday'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 over 250,000 won when taxes and other costs are added, the sources said.
The price of gold 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 and a slowdown in the U.S. economy.
Gold is trading near an all-time high on speculation that the U.S. Federal Reserve may roll out additional stimulus measures amid signs that the economy may relapse into recession.
December-delivery gold in New York rallied 1.3 percent to $1,666.30, after touching an all-time high of $1,675.90 Wednesday.
The retail price of 1 don (3.75 grams) of pure gold in the country stood at 223,300 won (US$211), up 3,300 won from Wednesday'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 over 250,000 won when taxes and other costs are added, the sources said.
The price of gold 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 and a slowdown in the U.S. economy.
Gold is trading near an all-time high on speculation that the U.S. Federal Reserve may roll out additional stimulus measures amid signs that the economy may relapse into recession.
December-delivery gold in New York rallied 1.3 percent to $1,666.30, after touching an all-time high of $1,675.90 Wednesday.
