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South Korean Gold Exchange reports robust trading volumes

The latest statistics released by Korea Exchange, the operator of the South Korean gold bourse indicates that gold trading volumes remained robust during the first year of its operations. A total of 1,472 tons of gold has been traded through the Exchange until Friday since its opening a year before. The value of traded gold amounted to $56.5 million, it noted.
According to data published by Korea Exchange, the gold exchange was successful in expanding its member ship throughout the year. Although the daily turnover remained weak during the initial half of the year, it more than doubled during the latter half. The daily turnover rose sharply from 3.8 kilograms to 8.3 kilograms during the past few months. The tremendous rise in investor sentiment suggests that the exchange is well set to achieve its earlier set turnover target of 10 kilograms per day. The daily trading volume had hit all-time high of 28.2 kilograms on 16th December, 2014.
The data indicates that institutional investors such as dealers, wholesalers and registered members account only for 44% of the total trading, whereas the remaining 56% is done by retail investors. As on date, as many as 11 securities firms and 58 dealers, importers and wholesalers are registered with the exchange. The exchange noted that efforts are on to attract more dealers, wholesalers and importers of gold. According to estimates, the country’s total gold trading volume amounts to more than 100 tons per annum, but only about 70% of it is traded legally in a bid to evade taxes. Furthermore, individuals in the country hold nearly 7 times more gold that those held by the Bank of Korea.

South Korea had opened its first gold exchange on March 24th, 2014 in a bid to normalize the unregulated supply of gold. The exchange offers bullions of 99.99% purity in units of one gram. Traders are eligible for waiver of 3% import duty. However, they are required to pay 10% VAT for taking physical delivery of bullion.

Source:Scrap Monster

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