Nonghyup Bank Resumes Sales of Small Gold Bars

Shinhan Bank Also to Resume Sales Starting January 19

NH Nonghyup Bank has resumed sales of small gold bars, which had been suspended due to supply shortages.

According to the financial sector on January 6, Nonghyup Bank began selling small gold bars in sizes of 3.75g (1 don), 10g, 37.5g, 187.5g, and 375g again starting from January 2. Due to supply shortages from suppliers such as Korea Gold Exchange, the bank had only been selling gold bars in 100g and 1kg units since October of last year.

Other commercial banks are also expected to resume sales of small gold bars in the new year. Shinhan Bank will restart sales of gold bars in 10g, 100g, and 1kg units from January 19. Kookmin, Hana, and Woori Bank are expected to resume sales during the first quarter, depending on gold bar supply conditions.

With gold prices continuing to rise, competition to purchase gold bars is expected to intensify. On this day, the international gold price stood at $4,400 per troy ounce, up $1,100 from the end of June last year (approximately $3,300).