Why Koreans Prefer Gold: Culture, Gifts, and How to Buy Gold in Korea
This article explores why Koreans prefer gold, the tradition of gifting gold, and how gold can be purchased in Korea today.
1. Cultural Roots of Gold in Korea
Korea’s preference for gold is strongly influenced by history. For centuries, gold symbolized wealth, protection, and prosperity. During times of war, economic hardship, and political instability, gold often became the most reliable form of personal asset.
One of the most famous examples is the 1997 Asian Financial Crisis, when many Koreans voluntarily donated personal gold items to help repay national debt. This event deeply reinforced the idea that gold is not just a personal asset, but a symbol of responsibility and national resilience.
As a result, gold in Korea is often associated with:
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Financial safety
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Long-term value preservation
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Trust across generations
2. Gold as a Traditional Gift in Korea
Unlike many countries where cash or luxury items are common gifts, Koreans frequently give gold jewelry for important life events. These gifts are meaningful, practical, and symbolic.
Dolbanji (First Birthday Gold Ring)
One of the most well-known traditions is the dolbanji, a gold ring gifted to a baby on their first birthday (doljanchi). The ring symbolizes:
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Wishes for lifelong wealth and good health
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Protection against hardship
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A valuable asset for the child’s future
Other Occasions for Gold Gifts
Gold is also commonly gifted for:
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Weddings (gold rings, necklaces, or bars)
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60th birthdays (Hwangap)
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Parents’ anniversaries
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Major family milestones
These gifts are valued because gold never goes out of fashion and can be easily stored, sold, or passed down.
3. Practical Reasons Koreans Prefer Gold
Beyond culture, there are practical reasons why gold remains popular in Korea.
1) Strong Inflation Awareness
Koreans are highly aware of inflation and currency risk. Gold is widely seen as a hedge against rising prices and currency fluctuations.
2) High Trust in Physical Assets
Compared to complex financial products, physical gold is easy to understand. Many people feel more secure owning something tangible rather than paper assets.
3) Liquidity and Accessibility
Gold can be quickly sold at jewelry shops, banks, or exchanges across the country, making it a flexible asset in emergencies.
4. How to Buy Gold in Korea
Buying gold in Korea is relatively simple and transparent. There are several common methods depending on personal preference.
1) Banks
Major Korean banks offer:
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Physical gold bars
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Gold savings accounts (gold passbook)
Gold accounts allow people to invest in gold without physically storing it, making them popular among younger investors.
2) Jewelry Shops
Local jewelry stores sell:
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Gold rings and necklaces
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Small gold bars suitable for gifts
Prices are usually based on international gold prices plus workmanship fees.
3) Korea Exchange (KRX) Gold Market
The KRX Gold Market allows investors to trade gold electronically with high transparency. This option is preferred by those focused on investment rather than gifting.
4) Online Platforms
Some authorized online platforms and apps allow users to purchase gold securely and even request physical delivery.
5. Gold in Modern Korean Society
Today, gold in Korea is no longer limited to older generations. Younger Koreans increasingly use gold ETFs, digital gold services, and small-denomination gold bars as part of diversified asset management.
However, the cultural meaning remains strong. Gold is still seen as:
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A symbol of care and responsibility
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A long-term store of value
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A bridge between tradition and modern finance
Conclusion
Koreans prefer gold not only because of its financial stability, but because it represents trust, tradition, and continuity. From a baby’s first birthday ring to retirement planning, gold accompanies Koreans throughout their lives.
In a rapidly changing global economy, gold continues to hold a unique position in Korean culture—both as a meaningful gift and a reliable asset.
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