S. Korea's gold market turnover hits record average of 13.1-B won in July

South Korea's daily gold market turnover averaged a record high of 13.1 billion won in July, far exceeding the previous 9.7 billion won record set in August 2019.

The turnover is more than twice the 5.2 billion won turnover the previous month.

According to the Korea Exchange (KRX), this year's total turnover has reached 1.1 trillion won, surpassing the one trillion-won threshold for the first time.

The gold market's daily trading volume also posted a record average of 176 kilograms in July.

Analysts attributed the demand for due to healthy investor appetite for assets and soaring prices sparked by low-interest rates.

A gram of gold cost 80,100 won on July 28, surpassing the 80,000 won mark for the first time.

Shinyoung Securities analyst Hwang Hyun-soo attributed the rising gold prices to more demand for safe-haven assets.

He added that prices of gold are expected to go up in the mid- and long term.

The market's daily turnover and trading volume reached 19.1 billion won and 243 kg in August.