Korea's first-ever gold exchange to start trading on MondayUpdated: 2014-03-24 06:29:53 (KST)
Korea's first-ever gold exchange market opens for trading on this Monday morning.
The Korea Exchange says one gram units of gold bullion will be bought and sold in the market.
Private investors or individuals that own gold can make transactions through registered securities firms or futures trading companies.
This is in line with the government's efforts to prevent tax evasion and the illegal trade of gold.
Individuals in Korea own an estimated 700 tons of gold, seven times the amount held by the Bank of Korea.
Nearly 70 tons is thought to be traded each year without being taxed.
In order to help the exchange platform take root, transaction fees will be waived for one year.
The market will be open from 10 a.m. to 3 p.m. weekdays with market prices shown on a real-time basis.
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