According to sources at the Korea Exchange's (KRX) gold market Wednesday, gold bar sales reached 1,383 kilograms last year, up 96.4 percent from 704 kilograms sold in 2013.
In December alone, 381 kilograms of gold bars were sold nationwide, they said.
The robust sales growth of gold bars last year was led by small-sum investors such as middle-income and ordinary people.
In recent months, 10-gram and 37.5-gram gold bars have accounted for about 70 percent of the total sales, the sources said, an indication that gold investment is expanding to the general public. Affluent investors usually invest in 1-kilogram gold bars, priced at 50 million won each. A 10-gram and 37.5-gram is priced at 500,000 won and 2 million won, respectively.
According to the Woori Bank which launched gold bar sales in August last year, sales of 1-kg gold bars constituted only 7.5 percent of the total sales at its branches nationwide, compared with 49 percent for 10-gram gold bars and 43.5 percent for 100-gram ones.
"If this upward trends continues, sales of gold bars will reach a record high of 2,000 kilograms this year," a source at the KRX gold market said.
He said investors are shifting to gold and other safer assets because of record low interest rates, and the sluggish stock and real estate markets.
reporter
Park Sae-jin
swatchsjp@ajunews.com
