South Korea’s gold bourse is on a track for stable growth one year after its opening on expanded memberships and investor interest, with a daily turnover nearing an anticipated level, data showed on Monday.
The gold bourse was launched on March 24 last year as the country struggles to bring the unregulated market into the open as well as broaden its taxation base.
According to the Korea Exchange, the operator of the gold bourse, a total of 1,472 tons of gold worth 63.1 billion won ($56.5 million) has been traded through Friday since its opening.
The daily turnover remained weak at 3.8 kilograms during the first six months, but more than doubled to 8.3 kg in the past few months, which is approaching the hoped-for amount of 10 kg.
On Dec.16, the daily trading volume hit an all-time high of 28.2 kg, according to the KRX.
South Koreans hold an estimated 700 tons of gold, and the gold trading volume reaches some 100 tons on an annual basis, about 70 percent of which is believed to be traded illegally to avoid taxes.
The data showed retail investors accounted for 56.1 percent of total trading. The KRX said it would consider introducing additional measures to woo more dealers, wholesalers and registered members into actively participating in the trading.
Currently, 11 securities firms and 58 dealers, importers and wholesalers are registered as members of the bourse, according to the KRX. (Yonhap)