Gold Prices Hold Near Historic Peaks Around 950,000 Won Amid Volatility

As of May 2026, the gold market has entered a period of volatility, marked by a pause after an early-year surge and preparations for a subsequent rise. The price to buy one don (3.75g) of pure gold in early May hovers around the 950,000 won level, maintaining its historic peak position.

Geopolitical tensions, including conflicts in Iran, and inflation concerns are influencing the gold market. Central banks are expanding their gold purchases to diversify foreign exchange reserves and hedge against external uncertainties. The surge in central bank gold buying, which began in earnest after the Ukraine war in 2022, has supported the rise in global gold prices. Over one-third of respondent institutions indicated plans to increase their gold holdings within the next year.

As of 0:00 AM on May 4, 2025, according to the Korea Gold Exchange, the purchase price for 3.75g of 24K pure gold was 957,000 won, and the selling price was 796,000 won. The price for 18K gold was 585,100 won for selling, and for 14K gold, it was 453,800 won. Platinum prices stood at 410,000 won for buying and 333,000 won for selling, while silver prices were 15,190 won for buying and 12,460 won for selling.