Gold prices, the representative price of real safe assets, are going downhill.
According to statistics on the Korea Exchange, the price per gram of spot gold in the KRX gold market on the 18th ended at 63,900 won, down 0.48% from the previous trading day. It fell for 5 consecutive trading days and fell to the lowest level since April 6 (63,780 won) last year based on the closing price. It is 20.22% lower than the record high of 8,100 won on July 28 last year.
The weak gold price is attributed to the rising interest rate and the dollar value. There is no interest on gold, so when interest rates rise, prices fall, and gold prices often fall even when the dollar, a safe asset of complementary nature, rises. Since the second half of last year, the preference of the financial market has turned to risky assets, and the strong stock price has also led to weak gold prices.
The decline in gold prices is in sharp contrast to the sharp rise in bitcoin, which has recently been discussed as a substitute for gold. The bitcoin price has been on a high rise after first surpassing $50,000 on the 16th. It has increased more than four times last year and an additional 80% this year.
For reports and press releases, [email protected]