On the 27th, it emerged that more than 350 billion won flowed into major commercial banks' gold and silver passbook accounts over three weeks this year. As the won's value has fallen and the won-dollar exchange rate has surged since late last year, demand is growing for gold and silver, traditional safe-haven assets. With gold and silver passbooks, when customers deposit won, the bank purchases gold or silver in line with international prices and exchange rates and credits the account by weight (g). You can invest in increments as small as 0.01 g.
According to the financial sector, as of the 23rd, the balance of gold banking at major commercial banks was 2.1728 trillion won, and the balance of silver banking was 346.3 billion won. The total balance reached 2.5191 trillion won, a record high. Compared with the end of last year, the gold banking balance increased by 243.2 billion won and the silver banking balance by 105.3 billion won. The total rose by 348.5 billion won in about three weeks, with more than 110 billion won a week flowing into gold and silver passbooks.
A banking industry official said, "Demand for gold and silver keeps growing, but gold bars and silver bars are too expensive and supply is unstable, so funds continue to flow into gold and silver passbooks as an alternative investment channel."
Gold and silver prices are continuing to rise. According to Korea Gold Exchange, as of the day, the price of gold per 3.75 g was 1,034,000 won, and silver was 24,820 won. Compared with January last year, gold rose 90% and silver rose 300%.
Some banks had handled small gold bars, but as supply failed to keep up with demand, only NongHyup and Shinhan Bank are currently selling small gold bars. Demand for silver bars also increased, and sales have been suspended since mid-Oct. last year. KB Kookmin, Shinhan, Woori and NongHyup banks, which previously handled silver bars, expect to resume sales around March.
Gold bar sales hit a record high every year. Gold bar sales at the five major commercial banks—KB Kookmin, Shinhan, Hana, Woori and NH NongHyup—were 65.90212 billion won in 2023, 165.46262 billion won in 2024, and 690.24084 billion won in 2025. This year, 73.74293 billion won worth was sold by the 23rd of this month alone.