Gold Frenzy in South Korea: Convenience Stores Become Unlikely Trading Posts

Amid economic uncertainties, young South Koreans are increasingly purchasing gold from convenience stores and vending machines, driving a national surge in demand.

• South Korea's CU and GS25 chains now sell miniature gold bars and wafers, tapping into a booming retail gold market.
• Young consumers, particularly those in their 30s, are the primary buyers, reflecting broader trends of investment diversification.
• Gold prices have soared to over $2,400 per ounce in 2024, influenced by heavy buying from Asian nations and bullish global market forecasts.
• Despite the domestic buying spree, South Korea's central bank has maintained its gold reserves at 104.4 tonnes since 2013.
• Economists predict a potential increase in gold prices by up to 50% by the end of 2025, underscoring strong market confidence.

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South China Morning Post Markets Insider CNBC