Daily Gold Market Report

Gold Rush in Convenience Stores:
South Korea’s New Trend of Mini Gold Bars

(USAGOLD – 5/9/2024) Gold prices are stronger this again morning as U.S. weekly jobless claims jump to six-month high. Gold is trading at $2320.80, up $11.95. Silver is trading at $27.84, up 51 cents. CNBC recently reported that in South Korea, convenience stores like CU and GS25 are experiencing a surge in sales of mini gold bars, which have become a popular item alongside traditional snacks. These gold bars, varying in weight from 0.1 gram to 1.87 grams, are available for purchase directly from the stores and vending machines. The trend, which started in April, has seen significant participation from people in their 30s, who account for over 41% of the purchases. The bars, often featuring celebratory messages or personality-themed designs, are part of a broader increase in gold demand in South Korea, with a 27% year-on-year rise in the first quarter of the year. This trend reflects a growing interest in gold as a safe investment amid economic uncertainty and inflation, particularly among younger investors in Asia.