Korea opens gold trading marketUpdated: 2014-03-24 14:38:52 (KST)
Korea's first-ever gold exchange market opened its trading doors to the public this Monday morning.
It offers a place for dealers and private investors to make gold transactions.
It's part of the government's efforts to prevent tax evasion and the illegal trade of the precious metal.
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.
One gram units of gold bullion of 99.nine-nine percent purity are bought and sold in the exchange market.
Eight securities firms and 49 futures trading companies have registered and participated in the trading on Monday.
The prices of gold traded in the exchange will be adjusted in real time.
Gold opened trading on Monday morning with one gram being worth 47-thousand Korean won, roughly 43-dollars 45-cents.
Investors can withdraw gold from the exchange in units of kilograms.
The Korea Exchange says transaction fees will be waived until March of next year to help the exchange platform take root.
"It is expected to offer a stable and efficient trading environment for dealers and potential investors and boost the liquidity of gold within the next two years."
The market will be open from 10 a.m. to 3 p.m. weekdays.
Gold can be withdrawn from from four other Korea Exchange offices outside of the capital city of Seoul.
Kim Ji-yeon, Arirang News.
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