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Gold banking accounts shine in South Korea as price of precious metal soars
By Yi Whan-woo
Korea Times, Seoul, South Korea
Tuesday, April 16, 2024
A growing number of bank clients are investing in gold using a deposit account that allows them to buy and sell the precious metal, whose price is surging due to heightened geopolitical risks and an increasing preference for safe haven assets.
The country's four major commercial banks -- KB, Shinhan, Hana, and Woori -- collectively reported on Monday a total of 255,887 accounts in which depositors entrust cash to the banks that purchase an equivalent value of gold on their behalf following consultation.
Account holders have the option to possess the actual gold they have invested in or to wait for market prices to appreciate, enabling them to withdraw a greater cash amount than their initial investment.
The number of so-called "gold banking accounts" increased steadily as the war in Ukraine drags on and financial market uncertainties increase due to the Israel-Hamas military conflict. ...
... For the remainder of the report:
https://www.koreatimes.co.kr/www/biz/2024/04/602_372799.html
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