Koreans withdraw mini gold bars from vending machines as gold prices rise | Economy

The market value of gold has risen in recent months to a record high of more than 2,300 dollars, more than 2,100 euros, per troy ounce (31.1 grams). That doesn’t stop Koreans from stocking up on small bars of gold. Out of uncertainty about economic prospects and inflation, they turn to gold.

The shopping center chain CU installed gold vending machines in April. There, customers can buy very small bars that are incorporated into cards with nice messages on them.

The rods are the size of a fingernail and weigh 0.1 to 1.87 grams. For those 1.87 grams, customers pay 225,000 Korean won, approximately 153 euros. Smaller bars can therefore be obtained for a few tens of euros.

According to Korean media, the 1 gram gold bars sold out within a few days. Buyers say that they previously bought a monthly gold coin, but that they have switched to these gold bars due to the increased gold prices.

The buyers are often in their thirties. To date, they have purchased 41 percent of all bars, according to figures from CU. People in their twenties are also after small gold.

Gold machines have already been installed in countries such as the United Arab Emirates and the United States. There are also several vending machines in Germany where you can buy coins and bars with a price of up to hundreds of euros.

In the Netherlands, gold exchange offices notice that many people want to sell their gold because of the high prices. They bring jewelry or old coins for this purpose.