Gold returns 67% profit in Korea

March 19, 2009

Commodity Online
NEW ELHI: There is more good news about the gold lovers. According to reports, Korean gold investors who have purchased the metal through the Shinhan Bank gold investment account Gold Riche have received returns of 66.7 per cent in just six months.

Rapidly increasing global gold prices mean that the bank’s investment account has climbed sharply over the past half-year.

Investors have been increasingly turning to gold as a ‘safe haven’ asset during the global economic downturn, with both physical gold and investment accounts offering strong returns.

A gold investment fund launched by IBK SG Asset management company witnessed a 27.7 per cent investment return over the past three months.

UBS has forecast that gold prices could reach $2,500 per ounce over the coming months as a result of the current financial markets uncertainty, though other analysts have questioned the figure.

The credit crunch has also led to a rise in demand for gold across the US.

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