GOLD bars, in high demand in one of the most “Hi-Tech” countries in the world. They sell like hot cakes. Prices start from 77 euros each

Gold is and will likely remain the safest investment source in the world at this time. This makes ingots made of the precious metal in high demand in all corners of the planet, but the phenomenon has taken off in one of the most technologically advanced countries on the globe.

Small gold bars are in high demand, being sold in shops and vending machines in South Korea. Customers can purchase these mini gold bars in weights ranging from 0.1 grams to 1.87 grams.

South Korea’s leading convenience store chain, CU, has launched a collaboration with Korea Minting and Security Printing Corporation (KOMSCO) to offer gold bars in their stores starting in April.

The prices for these bars are significant. For example, a gold bar weighing 1.87 grams sells for 225,000 won (€152.95), while a 0.5 gram bar can be purchased for 77,000 won (52.34 EUR).

Demand was so high that the 1-gram ingots sold out in just two days, priced at 113,000 won (€76.82) each, according to local reports.

Gold bars take the place of congratulations

These gold bars come with different greeting messages and designs as per the occasion for which they are purchased. The majority of customers are young, around 30 years old, who account for over 41% of total sales since the bars were launched on the market.

Demand for gold bars and coins in South Korea has seen a significant increase of 27% year-on-year, reaching 5 tonnes in the first quarter of this year, amid rising gold prices, according to a recent report by the World Gold Council (WGC). . This was the strongest quarterly advance in South Korea’s gold purchases in two years.

Gold bars, straight from the vending machine

Other convenience store chains, such as South Korea’s GS25, also offer customers the option of purchasing small gold bars from vending machines.

The increased interest in gold among young consumers is attributed to economic uncertainty and the depreciation of the local currency, according to Heng Koon How, head of markets strategy, global economy and market research at UOB, according to CNBC.

Globally, China leads consumer demand for gold bullion, surpassing India in 2023 to become the world’s largest buyer of gold jewellery.