South Korea’s Mint temporarily halts gold bar sales amid global trade tensions
South Korea’s official mint, Korea Minting and Security Printing Corp, announced a temporary suspension of gold bar sales due to supply-demand imbalances. The move comes as global trade tensions, particularly the U.S. decision to impose additional tariffs, disrupt the precious metals market.
In a period marked by heightened global trade tensions, South Korea’s official mint has made a notable decision. Korea Minting and Security Printing Corp (KOMSCO) announced that it has temporarily suspended gold bar sales.
Sales temporarily suspended
In its official statement, the Mint cited supply and demand imbalances as the primary reason for halting sales. Officials added that gold bar sales will resume once market conditions stabilize.
U.S. tariff decision played a key role
Behind South Korea’s decision lies the United States’ recent move to impose an additional 25% tariff on metal imports. Ahead of these tariffs, global gold traders rushed to ship gold bars to the U.S., significantly impacting supply chains. In response, the South Korean government stepped in to protect its domestic gold reserves.
Authorities stress the decision is temporary
South Korean officials underlined that the suspension is temporary, and sales will resume as soon as balance is restored in the market.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
