Gold prices have reached an all-time high as demand for safe-haven assets rises amid U.S. tariff threats. On the morning of February 4, an employee organizes gold bars at the Korea Gold Exchange in Jongno-gu, Seoul.
SEOUL, Feb. 4 (Korea Bizwire) — The price of gold in South Korea has reached record highs, prompting significant shifts in consumer behavior and market dynamics.
As of February 3, the cost of a single don (3.75 grams) of pure gold stands at 560,000 won ($390), with additional taxes and processing fees pushing the price of a gold doljanchi ring beyond 600,000 won.
An employee organizes gold products at the Korea Gold Exchange in Jongno-gu, Seoul.
In response to soaring prices, new gift trends have emerged, including half-don rings, 1-gram rings, gold and silver spoons, and even paper rings containing small gold bars of 0.2 grams. The traditional gold doljanchi ring, a customary first birthday gift, is now being reconsidered by many families seeking more affordable alternatives.
Online communities and parenting forums have become hubs for discussions on where to buy gold rings at lower prices and what alternative gifts are suitable for first birthday celebrations. Some users are even debating whether to sell their existing gold assets, questioning whether prices will climb further or if now is the best time to cash out.
One community member shared, “I still have my child’s doljanchi ring, and I’m wondering if I should sell it now or hold onto it in case prices rise further.” Responses to the post reflected a common sentiment: “Gold prices are still climbing, so it’s best to keep it.”
The high cost of gold has also put pressure on jewelers and gold shops, as demand for traditional gold gifts has declined significantly. Retailers report sluggish sales, not only in gold accessories but also in once-popular ceremonial items.
According to the Korea Exchange, the price of pure gold per gram closed at 130,520 won on January 31, marking a 2.16% increase from January 24. Compared to the same date in 2024, when gold was priced at 87,280 won per gram, this represents a staggering 49.54% surge.
As the trend continues, consumers and businesses alike are adapting to a market where gold is becoming an increasingly expensive commodity, shaping new patterns in purchasing and investment decisions.
Image credit: Yonhap / photonews@koreabizwire.com
