Korea’s first gold trading market opened on Monday, March 24. Korea Exchange(KRX) held an opening ceremony for the gold exchange market and the physical gold trading started at KRW 46,950 per gram.
The government has been pursuing to establish a gold exchange market in a bid to legalize and eradicate underground economy as announced on July 22, 2013.
FSC Chairman Shin Je-Yoon mentioned in his congratulatory speech that the government will provide full support for the development of the gold exchange market and evaluated that the opening of the gold exchange market will contribute to the advancement of the financial investment industry.
The KRX will take charge of the general operation of the market, while Korea Securities Depository will be responsible for depositing and withdrawing gold bullions, and Securities Finance Corporation will be tasked with duties related to depositing trade money. Individual investors can make transactions through 8 brokers*.
* Daishin Securities, Daewoo Securities, Samsung Securities, Shinhan Investment, Woori Investment Securities, Kiwoom Securities, Korea Investment & Securities, Hyundai Securities