The demand for gold has been evident in the surge of trading accounts. NH Investment & Securities Co. reported a dramatic increase of 1,622 new accounts opened in the first week of December alone, coinciding with the recent martial law crisis.
The overall trend is clear: from 8,095 accounts in September to 16,875 in November, the total number of gold trading accounts has seen a significant uptick. In the second half of the year, new account openings surged 56.89 percent compared to the first half, with 22,846 accounts added. Currently, around 5,000 accounts are actively trading gold in December.
Individual investors have been particularly active, purchasing 494.5 billion won worth of physical gold from January to December 10. Notably, over half of this amount, approximately 276 billion won, was acquired in the past two months.
While international gold prices rose 0.2 percent to $325.31 per 3.75 grams, the domestic surge was further amplified by the won-dollar exchange rate, which stood at 1,430 won per dollar on Wednesday morning.
With gold prices climbing approximately 31 percent compared to last year, various factors are contributing to its appeal as a safe-haven investment. These include China's aggressive gold purchases, currency volatility in Korea, and heightened geopolitical risks in the Middle East.
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