Korea's gold bourse on stable track

Korea's gold bourse on stable track

South Korea’s gold bourse has taken shape, with the amount of gold bullion supply breaking the 2-ton mark in less than two years of its launch, data showed Wednesday.

A total of 2,004 kilograms of gold, worth 85 billion won $72.5 million), has been provided to the market since March 24 last year through Wednesday, according to the gold bourse operator, the Korea Exchange (KRX). Over the cited period, the accumulated amount of gold traded reached 2,955 kg worth 126 billion won.

The daily trading volume stood at 16.2 kg this month, up from last month’s average of 6.4 kg, according to the data.

“Gold prices fall on the strong dollar, and that appears to have lured more investors,” the KRX said in a release.

South Korea launched the gold bourse last year to bring the unregulated market into the open as well as broaden its taxation base. (Yonhap)

source:http://www.koreaherald.com/view.php?ud=20151118001084

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