Gold trade volume and turnover in the first half have exceeded full-year record of 2019 amid surge in demand for the safe asset due to financial insecurity from global-wide recession from the COVID-19 pandemic.

According to the Korea Exchange, the price of gold closed Friday at 68,700 won ($57.39) per gram, jumping 20.8 percent from 56,860 won in the beginning of the year. International gold futures for August delivery also were traded at $1,800.5 per ounce on June 30 in the New York Mercantile Exchange, marking the first close above $1,800 since September 2011.

Cumulative trade turnover from January to June reached 710.3 billion won, surpassing last year’s 591.9 billion won and raising expectations for a new annual milestone of 1 trillion won this year.

Cumulative transaction volume also exceeded last year’s full-year trade volume of 10.7 tons and totaled 11.1 tons as of the end of June. Daily trade volume averaged 90 kilograms (kg), more than doubling from a year ago.

Retailers and institutions eagerly chased the safe asset amid ongoing uncertainties in the global economy due to the coronavirus pandemic, the exchange said. Investors generally shift their interest to safer assets and seek gold as a good investment vehicle in a crisis.

By Lee Ha-yeon

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