Gold price in Korea hits 4-month low

The domestic gold price fell to their lowest level in nearly four months as the global price fell alongside cooling investor appetite for the safe-haven asset, data showed Friday.

The gold price in the U.S. fell for the fourth straight session on Thursday. February deliverables slipped US$9.7 to close at $1,577.2 per ounce, marking a $300-plus drop from the year's high of about $1,900 per ounce.

Tracking the global market, the retail price of 1 don of pure gold in South Korea stood at 233,000 won ($200.97) as of Thursday, down 8,000 won from Wednesday's price, according to the Korea Gold Exchange.

The don (3.75 grams) is a Korean unit used to measure gold. Friday's closing price was not available.

The figure is the lowest price since the 232,000 won value logged on Aug. 8 and marks a steep drop from an yearly high of 264,000 won tallied for Sept. 22.

The fall in gold price also hit shares of gold-related companies and financial products that track the precious metal.

Shares of Korea Zinc, the country's leading zinc smelter, closed at 309,500 won on Friday, slumping around 13 percent from a week ago.

Exchange-traded funds (ETFs) that track gold prices also closed lower. The KODEX gold futures ended at 12,130 won, down around 7 percent from the previous week, while the TIGER gold and silver futures also fell around 7 percent over the week to 10,230 won, according to market data. (Yonhap)