Gold sales soar with interest rates low

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Gold bars have long been an alternative type of investment for accruing assets.

As low interest rates on bank deposits are expected to prolong this year, more people in the country are buying gold for investment and also as gift for anniversaries.

According to Gmarket, the country’s leading e-commerce company, sales of gold bars and products made of pure gold have jumped by 98 percent this month from the same period last year.

“Gold-investment has become widely popular in the country especially smaller pieces, which are also ideal for gift,” a Gmarket spokesperson said.

More affordable options include 24-karat pure gold bullions, which cost 194,000 won ($180) per 3.75 grams, and 24K pure gold rings priced at 196,000 won for 3.75 grams. A 24K gold ring is a traditional gift for a Korean baby’s first birthday.

The company also said that sales of silver bullion have also increased this month by 38 percent from last month. Other popular items include an “Herb Flower 24K Gold Rose” and “Pure Gold Carnation Brooch,” available at 52,500 won and 31,500 won respectively.

“With the Lunar New Year holiday coming up soon, demand for such products is expected to further increase,” said the spokesperson.