Gold trading in Korea quadruples amid relentless global rally

Gold prices are soaring as investors flock to safe-haven assets amid escalating global trade tensions. In South Korea, where the gold rush has reached a fever pitch, daily trading volume has quadrupled, according to market data.

Spot gold surged to a record $3,357 per ounce on global markets on Thursday, extending its year-to-date gain to 26 percent, two days after breaching the $3,300 threshold for the first time. In Korea, prices were slightly lower at around 4.3 million won ($3,020) per ounce, or 152,260 won per gram, on Friday.

Although local prices have eased slightly from a February peak — when gold briefly neared 170,000 won per gram — investor appetite remains strong. The Korea Exchange data showed that average daily trading volume in the local market has reached 50.9 billion won this year, a 342 percent jump from the 2024 average.

The frenzy is seen as being triggered by intensifying global trade tensions following US President Donald Trump’s sweeping tariff measures. Gold has rallied sharply since late last year, when Trump began warning of tariff hikes. In Korea, daily trading volumes rose from 19.4 billion won in December to 25.1 billion won in January, before soaring to 80.9 billion won in February.While the pace has cooled, with daily volume dipping to 51.7 billion won in March and 40.1 billion won so far in April, activity remains more than double last year’s average.As trade tensions remain unresolved, lingering uncertainty is likely to continue driving gold’s rally, analysts said. Washington has granted temporary reprieves to some countries, but ongoing negotiations are expected to keep markets on edge — especially as the US-China standoff intensifies, with Beijing standing firm and responding with retaliatory measures.

In response, global and local institutions have continue its record-breaking bull cycle."