Wednesday, May 7, 2025

Latest

South Korea Mint Suspends Gold Sales as Prices Hit Record

South Korea’s state-run mint suspended gold bar sales amid soaring demand and supply constraints, as bullion prices hit fresh highs on fears of US tariffs.

The Korea Minting and Security Printing Corp said in a notice it would halt sales until further notice, citing “issues with raw material supply.” KB Kookmin Bank will stop selling gold bars from February 12, while Woori Bank and Hana Bank will maintain sales through other suppliers.

Gold reached $2,941 per troy ounce on February 10, marking its seventh record high this year, as traders rush to deliver bullion to the United States ahead of potential tariff implementation.

Related: Gold Hits Record as China Launches Insurer Pilot Program 

The surge has triggered unprecedented tightness in physical markets, with record outflows reported from London vaults and unusual price premiums on New York’s Comex.

Trading volumes on the Korea Exchange rose to 97.1 billion won on Feb 11 from 55.7 billion won on February 3. Gold banking accounts at Kookmin, Shinhan, and Woori banks reached 277,551 as of February 10, up from 253,529 a year ago.

Market participants say growing concerns about inflation from US President Donald Trump’s proposed tariffs are driving investors to gold as a safe haven. Some analysts expect prices to breach $3,000 per ounce.

Shinhan Bank said it would continue gold bar sales through the Korea Gold Exchange and LS MnM.

The mint said it’s working to resume sales as soon as possible.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Great Bear Resources Releases Further Assays at Dixie, Highlights 81.22 G/T Gold Over 10.50 Metres

Great Bear Resources (TSXV: GBR) continued its slow release of assay results from its ongoing...

Tuesday, August 4, 2020, 09:09:17 AM

New Found Gold Releases Further Assays At Golden Joint Zone

New Found Gold (TSXV: NFG) this morning reported further drill results from its ongoing exploration...

Thursday, September 30, 2021, 08:31:15 AM

Exploits Begins Drill Program At Quinlan Veins Prospect

Exploits Discovery (CSE: NFLD) this morning announced that it has completed the first of its...

Tuesday, June 29, 2021, 08:36:40 AM

Trillium Gold Intersects Red Lake Mine-Style Geology At Gold Centre In Initial Drilling

Trillium Gold Mines (TSXV: TGM) this morning reported the first results from the ongoing drill...

Monday, July 26, 2021, 07:32:06 AM

John Reade: The Investment Case For Gold – The Daily Dive

For our Sunday edition of The Daily Dive, we sit down with John Reade, whom...

Sunday, April 4, 2021, 01:30:00 PM