Gold Price Today in South Korea in South Korean Won (KRW)

How Gold Price is Determined in South Korea

Gold prices in South Korea are influenced by a variety of factors, similar to the global gold market. One of the primary determinants is the international gold price, which is set on major exchanges, like the London Bullion Market. This global price influences local prices directly, as South Korea imports most of its gold.

Another critical factor is currency exchange rates. Fluctuations in the South Korean won against the US dollar can impact the cost of gold. When the dollar strengthens, imported gold becomes more expensive in won, raising local prices.

Local demand and consumption also play a significant role. In South Korea, gold is not only an investment but also a traditional form of jewelry. Seasonal demand spikes during festivals, weddings, and other events, affecting price volatility.

Moreover, economic indicators such as inflation rates, interest rates, and overall economic stability can influence investor sentiment towards gold as a safe haven asset, affecting price levels in the domestic market. Ultimately, gold prices in South Korea reflect a complex interplay of global, economic, and cultural factors.

Price of Gold Bullion in South Korea in South Korean Won

• The price of gold bullion 5 grams 24K in South Korea: 636,896.71 South Korean Won
• The price of gold bullion 10 grams 24K in South Korea: 1,273,793.42 South Korean Won
• The price of gold bullion 20 grams 24K in South Korea: 2,547,586.84 South Korean Won
• The price of gold bullion 50 grams 24K in South Korea: 6,368,967.10 South Korean Won
• The price of gold bullion 100 grams 24K in South Korea: 12,737,934.19 South Korean Won
• The price of gold bullion 250 grams 24K in South Korea: 31,844,835.48 South Korean Won
• The price of gold bullion 500 grams 24K in South Korea: 63,689,670.95 South Korean Won
• The price of gold bullion 1000 grams 24K in South Korea: 127,379,341.90 South Korean Won

Predictions for Gold Prices in South Korea

As we look into the future of gold prices in South Korea, analysts suggest a mixed outlook influenced by various global and domestic factors. Geopolitical tensions in the region, along with fluctuations in the US dollar, are likely to impact investor sentiment towards gold. Traditionally viewed as a safe-haven asset, gold tends to perform well during periods of economic uncertainty.

Furthermore, the ongoing inflationary pressures globally may lead to an increased demand for gold as a hedge against rising prices. Technically, if gold breaches certain key resistance levels, we could see a surge in prices as bullish sentiment grows among traders. Moreover, the recent trends in central bank purchases of gold could also indicate a positive trajectory for prices, as central banks diversify their reserves.

However, it is essential to keep an eye on interest rate changes in South Korea and the United States, which could have a significant influence on gold's performance. Overall, while there are optimistic forecasts, investors should stay informed and consider potential risks when making decisions about gold investments in the South Korean market.

Gold price in South Korea in January 2025 in South Korean Won

Gold Making Charges in South Korea

The gold making charges in South Korea can vary significantly based on the type of jewelry and the jeweler's reputation. Typically, these charges are expressed as a percentage of the gram price of gold. On average, the making charges can range from 5% to 15% of the gold's current market value. This means that for every gram of gold, you may expect to pay an additional amount that is a percentage of its price.

For example, if the market price of gold is approximately 70,000 KRW per gram, the making charges could add anywhere from 3,500 KRW to 10,500 KRW per gram, depending on the jeweler. These additional costs can account for factors such as design complexity, craftsmanship, and overhead expenses of the jeweler.

It is important to consider these making charges when purchasing gold jewelry in South Korea, as they can significantly affect the total cost. Buyers are encouraged to compare prices and making charges from different jewelers to ensure they receive the best value for their purchase.