Concerns over a tariff war sparked by Donald Trump have led to a surge in demand for gold, the most representative safe asset, prompting the Korea Minting and Security Printing Corporation to decide to halt gold bar sales. The international gold spot price closed at $2,908.17 per troy ounce on the 10th (local time), marking the seventh record high this year.
According to the financial sector on the 11th, the Korea Minting and Security Printing Corporation sent a notice to local banks announcing the suspension of gold bar sales. The corporation also posted a notice on its website stating, "Due to issues with the supply of gold raw materials, we will temporarily suspend sales of gold bar products," and added, "We will strive to resume sales as soon as possible."
As a result, KB Kookmin Bank, which has been receiving gold bars through the Korea Minting and Security Printing Corporation, will cease gold bar sales starting tomorrow (12th). It is reported that Woori Bank and Hana Bank plan to maintain gold bar sales sourced from companies other than the Korea Minting and Security Printing Corporation. Shinhan Bank also plans to continue sales as it sources gold bars from the Korea Gold Exchange and LS MnM, rather than the Korea Minting and Security Printing Corporation.
Recently, as international gold prices have reached record highs, demand for gold investment has skyrocketed. According to the Korea Exchange, the transaction value of gold surged from 55.7 billion won on the 3rd to 97.1 billion won on the 11th. The number of gold banking accounts sold by Kookmin, Shinhan, and Woori banks reached 277,551 as of the 10th, setting a new all-time high. This marks an increase of over 20,000 compared to February of last year (253,529 accounts).
The surge in demand for gold investment is attributed to the tariff policies of U.S. President Donald Trump. As concerns grow that inflation could re-emerge due to extensive tariff imposition, gold has emerged as an alternative. The industry anticipates that gold prices will surpass $3,000.