Gold Prices Reach Highest in 1 Year 7 Months... Safe-Haven Assets Preferred Amid Soaring Oil and Raw Material Costs
Bond Short-Term Instruments Close Slightly Stronger
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[Asia Economy Reporter Hwang Yoon-joo] The price of gold, considered a safe-haven asset, has been rising continuously. The surge in commodity prices due to the war between Russia and Ukraine is interpreted as driving investment sentiment toward safe-haven assets.
On the 8th, the price per gram of 1kg gold spot in the KRX gold market closed at 78,360 KRW, up 1.82% from the previous trading day.
The closing price is the highest in 1 year and 7 months since August 10, 2020, when it was 78,390 KRW. It is also approaching the all-time high of 81,000 KRW recorded on July 28, 2020.
The bond market showed slight strength mainly in short-term bonds. Bond prices and interest rates move inversely.
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In the Seoul bond market, the yield on 3-year government bonds closed at 2.287% per annum, down 0.1 basis points (1bp = 0.01 percentage points) from the previous trading day. The 5-year and 2-year bonds fell by 0.2bp and 2.4bp, closing at 2.523% and 2.031% per annum, respectively.
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