Koreans net purchase $3.7 bil. in gold ETFs amid stock turmoil: data

Korean retail investors have been scooping up gold exchange-traded funds (ETFs) this month, data showed Thursday, as they searched for safer assets amid a volatile stock market. Individual investors purchased a net 5.4 trillion won ($3.7 billion) of ACE KRX Gold Spot ETFs from Nov. 3 until Wednesday, according to the data from Yonhap Infomax, the financial arm of Yonhap News Agency. Launched in 2021, the investment product tracks the price of the KRX Gold Spot Index, a benchmark index calculated and published by Korea's main bourse operator, the Korea Exchange (KRX). It is the oldest among the five gold-related ETFs traded on the local stock market. According to the data, retail investors were net buyers of the ACE KRX Gold Spot ETF during the 13-day period, except on Tuesday, when they sold a net 93.4 billion won. Analysts attributed the recent gold rally to the volatile stock market, which closed down over 3 percent multiple times in recent weeks, on growing concerns of an artificial intelligence (AI) bubble. Gold is widely considered a safe asset, as its price tends to hold steady, or eWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times