S Korea to establish gold exchange in 2012

20:03, June 23, 2010      

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South Korea will have a gold exchange established inside its main bourse in January 2012 which will help the government better regulate the local gold market, the government said Wednesday.

According to the Ministry of Strategy and Finance, its policy- makers in a weekly meeting decided to set up a spot exchange market inside the Korea Exchange (KRX) to minimize operating costs.

The government is also considering separating the gold exchange from the KRX and making it into a specialized spot trade market that handles other commodities such as crude oil, refined petroleum and farm product, if its size expands, the ministry said.

Once it is set up, the ministry will work in close cooperation with the Financial Services Commission, the knowledge economy ministry and the National Tax Service to oversee the gold exchange.

It is estimated that South Korea's gold trading volume reaches 150 tons worth 5 trillion won (4.2 billion U.S. dollars) on an annual basis.

Source: Xinhua

(Editor:赵晨雁)

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