Bdan Says Gold Prices Surge 18% in a Month as Safe-Haven Demand Grows

Busan Digital Asset Exchange, or Bdan, said Aug. 27 that major commodity prices, including gold, silver and copper, have been rising in tandem as demand for safe-haven assets expands. Bdan is a real-world-asset digital trading platform that converts physical assets into digital products and allows all traded products to be exchanged for the underlying physical assets.

According to the exchange, its physical gold-based product e-Gold rose about 8.3% over the past month, climbing to 207,900 won per gram on Aug. 26 from 191,900 won on July 26.

The increase followed a rally in international gold prices. Gold rose to about $4,712.8 an ounce intraday on Aug. 24 from about $3,992 on July 16, a gain of roughly 18% in a month, according to Investing.com. Bdan attributed the increase to a weaker dollar, reduced prospects for additional interest-rate hikes by the Federal Reserve and concerns over slowing economic growth.

Silver and copper prices have also advanced. September silver futures rose about 16.7% to $68.73 an ounce on Aug. 24 from $58.8 on July 24. Spot copper on the London Metal Exchange climbed to about $14,912 a ton intraday on Aug. 17, setting a record high.

A Bdan official said demand is increasing for easier trading in a range of physical assets as major commodity prices move together. The platform will seek to improve access to physical-asset investing by emphasizing lower tax and fee burdens than traditional financial products.