Gold rises on Brexit worries

[THE INVESTOR] The price of gold on Korea Exchange’s gold market broke the 50,000 won (US$42.4) per gram mark for the first time on June 27, fueled by uncertainties arising from UK’s departure from the European Union.

On June 27, gold closed at 50,200 won per gram, up 780 won or 1.58 percent from June 24. This is the first time the price has broken the 50,000-won mark since the KRX gold market was launched in March 2014. 

On June 27, gold began 1.1 percent up buoyed by private investors seeking more secure investment as markets reel from the Brexit decision.

Gold has also risen on the international market reaching US$1,318 per ounce, the highest in two years.

By Choi He-suk (cheesuk@heraldcorp.com)