Gold Price South Korea
South Korea is known officially as the Republic of Korea and constitutes the southern portion of the Korean Peninsula. The majority of the country’s population is centered around the capital city of Seoul, which has a population of some 25 million people. The nation’s government is a unitary presidential constitutional republic, and its current constitution was put into place in the late 1980s. The country has a land area of approximately 38,690 square miles and a total population of about 51.5 million.
The official currency of South Korea is the South Korean Won. The won can be subdivided into 100 smaller units of currency called jeon. The jeon is not, however, used any longer outside of foreign currency transactions. The won has had multiple versions, and the current version was allowed to float against other currencies starting in 1997.
The South Korean Won is issued and controlled by the country’s central bank, known as the Bank of Korea. The central bank was established in 1950 in Seoul, where it is still headquartered today. Like other global central banks, the Bank of Korea has responsibilities in addition to currency management. One of the largest tasks for the central bank is maintenance of price stability. The central bank also, among other things, manages payment systems and handles oversight of the nation’s financial system.
If you are looking to purchase gold in South Korea or simply want to see current price levels, you will see the metal quoted in the local currency. Prices may also be available in other major global currencies such as U.S. Dollars, Japanese Yen, Great British Pounds or euros. The price of gold is typically quoted by the ounce, gram or kilo, although sometimes other local units of measure may also be used.
The South Korean economy is one of the largest in the world. It is a mixed economy, and it has seen tremendous change in recent decades. The country remains one of the fastest growing in the world, and it is included in the group of Next Eleven countries (countries likely to play a substantial role in the global economy in the 21st century).
The South Korean economy is involved in numerous industrial sectors. Some of the primary areas of economic involvement include electronics, chemicals, steel, shipbuilding and autos. The country does significant business with China and the U.S., and its major export products include semiconductors, computers, petrochemicals, steel, ships, motor vehicles and telecommunications equipment.
Gold played a very important role in the history of South Korea. Following the Asian Financial Crises, the country was forced to seek help from the IMF. In one of the greatest shows of patriotism ever known, the residents of South Korea began a drive to raise funds to pay back the IMF some $58 billion in funds. Nearly a quarter of the nation’s population donated gold in the form of jewelry, coins, bars, medals, military insignias and more. In about two months, the nation had raised about $2.2 billion worth of gold that was melted into ingots and delivered to the IMF. Although this was just a fraction of the total amount owed, it served as an incredible rallying point for the nation, which eventually paid the loan back several years ahead of schedule.