According to relevant data released on Sunday, total balances in bank accounts at South Korea's top three banks - KB Kookmin, Shinhan, and Woori - stood at 1.51 trillion Korean won as of early this month, up 95.9 billion won in just about a week from the end of last month and up 730.8 billion won so far this year, nearly double the amount from the end of last year.
These accounts, which allow users to trade gold instead of holding physical bullion, first surpassed 1 trillion won in March and have now exceeded 1.5 trillion won last week.
Sales of gold bullion are also on the rise, as the country's five major banks - KB Kookmin, KEB Hana, NH Nonghyup, Shinhan and Woori - sold bullion worth 13.49 billion won in just the first two days of this month, a whopping increase compared to last month's daily average of 5.1 billion won.
This year's cumulative sales have already reached 450.5 billion won, nearly triple last year's total of 165.4 billion won.
Demand for silver bullion is also rising, fueled by expectations of higher returns and investors' efforts to diversify their portfolios.
But experts advise caution, warning of fluctuations in value despite a potential long-term upward trend in gold prices.
* This article, published by Economic Daily, was translated by AI and edited by AJP.
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