Banks are expanding gold-related services because interest in gold investment is showing signs of reviving. With the Bank of Korea recently deciding to resume gold purchases for the first time in 13 years, more investors are also viewing the gold price correction as a buying opportunity.
From the banks' point of view, there is the advantage of earning new fee income through gold sales while also drawing in people who are not already customers. Hana Bank is likewise understood to be preparing related services in order to widen its customer contact points.
Domestic gold prices have in fact approached the 200,000 won per gram line again recently. According to the Korea Exchange, the price per gram of the 1kg 'Gold 99.99' closed that day at 198,280 won, up 1.40% from the previous session. Compared with 186,430 won on the 3rd it is up 6.36%, and it has risen for five consecutive sessions since the 4th. Individual investors net bought 19.9 billion won worth in that single day.
External conditions surrounding the gold price have also improved. Following the Fed's freeze on the benchmark rate, US employment indicators also came in weaker than expected, easing worries about further rate hikes. Gold, which pays no interest, becomes more attractive as an investment the lower rates are.
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I will have to give this some thought
▶ Original source: https://news.nate.com/view/20260811n01480
