'Shortage' of gold bars — can't even buy 1kg… Shinhan Bank suspends sales

Korea Economic Daily

Summary

Shinhan Bank said it has suspended sales of 1kg gold bars.
It said that the gold bar shortage continues due to surging demand and a lack of supply from the supplier.
It said that international gold prices continuing to hit record highs are fueling investment enthusiasm.

Supply shortages intensify amid soaring popularity

Investment fervor heats up as gold prices rise repeatedly

Shinhan Bank has suspended sales of 1kg gold bars. With prices repeatedly jumping and enthusiasm for gold investment heating up, the gold bar 'shortage' appears to be deepening.

According to the financial sector on the 21st, Shinhan Bank recently suspended sales of 1kg gold bars. The move was due to LS MnM, the supplier, running short of supply amid surging demand. The bank plans to sell mainly 37.5g products purchased from the Korea Gold Exchange for the time being.

Gold bars have been selling out at outlets amid recent soaring popularity. Korea Minting and Security Printing Corporation (KOMSCO) has temporarily suspended sales of all gold bar products since the 1st. It will stop supply until January 1 next year. As a result, KB Kookmin Bank, Hana Bank and Woori Bank have suspended sales of small-sized products and are only selling 1kg gold bars. NongHyup Bank also suspended sales of 37.5g, 187.5g and 375g gold bars procured from Samsung Gold Exchange from the 20th. It is only selling 3.75g, 10g, 100g and 1kg products purchased from the Korea Gold Exchange.

Gold prices have been soaring as they repeatedly hit record highs. International spot gold prices surpassed $4,300 on the 16th and have continued to rise. Concerns over a prolonged trade conflict between the United States and China and expectations of falling interest rates are cited as factors pushing up gold prices.

Reporter Jinseong Kim jskim1028@hankyung.com