Gold price hits record high in South Korea...surpassing 89,000 won

South Korean gold prices have hit a new all-time high. On the 5th, the price per gram of 1 kg gold bullion in the Korea Exchange (KRX) gold market was 80,099, 1.96% higher than the previous business day.
The price was 0.40 won (approximately 10,54 yen). The price exceeded 89,000 won for the first time since the market opened in March 2014. The previous high was recorded on January 16th at 87,730.
It was Won (approximately 9,913 yen). This is due to the increased possibility of interest rate cuts in the United States and the rise in international gold prices. Jung Gyu-young, a researcher at Hana Securities, said, ``The recently announced January
The price index of US personal consumption expenditures (PCE) in 2018 matched expectations, and expectations for interest rate cuts have increased, which seems to have had an impact on the rise in gold prices. In addition to this,
"This was partly due to increased demand for safe assets amidst political tensions." The PCE price index for January of this year, which was announced in the United States on the 29th of last month (local time), was
This is an increase of 2.8% from the same period, and a slight decrease from 2.9% in the previous month. This is in line with market expectations and suggests that the US Federal Reserve (Fed) will lower the base interest rate from the middle of this year onwards.
I strengthened it. Meanwhile, on the New York Mercantile Exchange on the 1st, the price of gold futures for April contract closed at $2,095.70 per ounce, 2.00% higher than the previous trading day. It rose for the second consecutive day.