SEOUL – Gold accounts at major South Korean banks are experiencing a significant surge as investors seek safe-haven assets amidst escalating global trade tensions. As of March 14th, the combined balance of gold accounts at KB Kookmin, Shinhan, and Woori banks reached an unprecedented 953.4 billion won, according to financial industry reports.

This surge comes as the ongoing trade disputes, particularly those involving the United States, have fueled uncertainty in the global markets. The resulting preference for safe-haven assets has led to a dramatic increase in gold investments.

The combined gold account balances at these three banks have nearly doubled since March last year, when it stood at 566 billion won. The rapid increase suggests that it could soon surpass the 1 trillion won mark.

In addition to gold accounts, there is also a shortage of physical gold bars. Among the five major banks, only Shinhan, NH NongHyup, and Hana Bank currently sell gold bars, while KB Kookmin and Woori Bank suspended sales last month due to overwhelming demand.

The international gold price recently surpassed $3,000 per ounce, further contributing to the increased interest in gold investments. The combination of global trade tensions and expectations of a US interest rate cut have created a favorable environment for gold, driving up its value.