Văn TuấnTheo CNBC, CU, the largest convenience store chain in South Korea, has partnered with the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) to offer customers mini gold bars. These items are selling very well.
Various types of gold bars weighing from 0.1 gram to 1.87 grams have been available at CU convenience stores since April. These mini gold products are often accompanied by birthday wishes, graduation congratulations, or even designed based on different personality traits.
According to CU's survey, customers in their 30s are the most active buyers of mini gold bars, accounting for over 41% of total sales since the launch. Customers in their 40s make up over 35%, followed by those in their 50s with almost 16%. Young customers in their 20s also contribute about 7% to total sales.
Other convenience store chains have also joined the trend of booming gold purchases in the land of kimchi. At South Korea's GS25 convenience stores, customers can even buy small gold bars from vending machines.
Heng Koon How, Head of Global Economics and Market Strategy at UOB Bank, believes that in times of economic uncertainty, when the local currency depreciates, the demand for gold jewelry will increase as domestic investors seek to pour money into safe-haven assets.
In a recent report from the World Gold Council (WGC), demand for gold bars in South Korea increased by 27% compared to the same period last year, reaching 5 tons in the first quarter of this year amid soaring global gold prices. WGC emphasized that this is the strongest quarterly gold buying increase in South Korea in over 2 years.
WGC also noted the recent trend of increasing investment interest among young people in Asia, even as gold prices reach record highs.
"Many Asian economies are facing inflation and financial instability. It is completely reasonable that many young people are turning to gold investment as a way to diversify and protect their assets," said Shaokai Fan, WGC's Director of Global Central Banks, to CNBC.
Consumers in Asia's largest economy, China, are also rushing to buy gold for storage. The most prominent trend here is the 1-gram gold ingots packaged in glass jars, seen as both an investment and a collectible item.
China is also leading in gold consumption demand, surpassing India in 2023 to become the world's largest consumer of gold jewelry.
