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.
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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.
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