As the international gold price plummeted, the domestic gold price also fell on the 12th.

On this day, the price per gram of spot gold of 1kg in the gold market of the Korea Exchange (KRX) closed at 72,000,530 won, down 6.01% (4,640 won) from the previous day.

This is the largest decline since the KRX gold market was opened in March 2014.

News such as Russia's registration of the Corona 19 vaccine affected the international gold price plummeting.

On the 11th (local time) on the New York Merchandise Exchange, gold for December deliveries fell to the $1,900 level, closing at $1,946.30 per ounce, down 4.6% ($93.40) from the previous day.

This rate of decline is the highest in five months.

Researcher Changbaek Samsung Futures analyzed that "the expectation of economic recovery following the development of the Corona 19 vaccine served as an opportunity to realize profits."

Jin-young Choi, a researcher at Ebest Investment & Securities, said, "As the weak dollar and the decline in nominal interest rates accelerate, gold prices have risen sharply in the short term." There seems to be a drop in gold prices."

However, "Among the US presidential election, there may be a strong dollar in the short term, but considering the leading economic index, the US economic recovery is slower than that of the eurozone, so a weakening of the dollar is expected." As a means of risk aversion (hedge) against this, the upward movement of gold prices is effective in the mid to long term.”

(Photo = Courtesy of Korea Exchange, Yonhap News)