On the 17th, the gold and jewelry district in Jongno 3-ga, Seoul. A woman in her 30s met at a jewelry store said, "I was going to give a gold ring to my friend’s baby, but the price of gold has risen so much that I’m wondering if I should make it with 1 don or just half a don (1.875g)." A 71-year-old man who came to buy a ring for his grandchild also said, "I'm sorry I could only get a half don ring."

A jewelry store owner noted, "(Recently the price of gold has risen a lot) so everyone is only able to get half don rings instead of 1 don," and added, "They’re even getting 1g rings. It’s nearly 200,000 won for a 1g ring. At this price, some people say they would rather receive cash instead of getting a ring and leave."

◇Gold prices nearly double from a year ago… 'Gold rush' phenomenon as gold investments increase

The price of gold has nearly doubled in the past year. According to the Korea Exchange, on the 14th, the price of gold was recorded at 163,530 won per gram, up 90% from a year ago (86,030 won). It is also 27.9% more expensive than at the end of last year. With President Donald Trump introducing high tariffs which are expected to worsen economic growth and increase prices, investments have surged into gold, a safe asset, causing prices to skyrocket.

In this situation, more people are increasingly investing in gold, believing that the price will continue to rise. Between February 1 and 13, the sales of gold bars at the five major banks, including KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, and NongHyup, reached 40.6345 billion won. As gold was selling out quickly, the Korea Minting and Security Printing Corporation, a major gold bar supplier, decided to stop supply to banks. KB Kookmin Bank has already suspended gold bar sales since the 12th.

As gold investments have increased, the gold and jewelry market in Jongno, Seoul, has also experienced a 'gold rush.' The manager of a jewelry store named "GoEunBang" said, "Yesterday (the 13th), gold sold out, and we closed around 4 p.m." While the store deals with gold rings, necklaces, and other jewelry items, customers these days are reportedly only looking for gold bars. The owner of 'JeongSinSa' noted, "Only those with money are making profits in this situation," adding, "A person who bought gold last week made about 20 million won after calculations."

On Nov. 14, a gold bar is displayed in a gold shop in Jongno, Seoul. /Courtesy of Kim Jung-eun

◇"Let's sell when the price of gold goes up," some are selling gold items stored in their cabinets

As gold prices have risen, some individuals are now coming out to sell gold items they had stored away. They are looking to cash in on gold necklaces and rings they bought at lower prices. There are also reports of individuals seeking to supplement their living expenses in this economic downturn.

Three women met on the gold and jewelry street in Jongno 3-ga, Seoul, and went around several jewelry stores, pulling gold bracelets out of their bags and repeatedly asking, "How much can we get for this?"

A middle-aged woman took out two round gold ingots, each about 4 cm in diameter and weighing around 3 kg, from her handbag and showed them to the jewelry store owner, saying, "How much will you give for these? I’ll decide whether to sell after checking them out."

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