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At the corner of a bustling street in Seoul’s affluent Gangnam district, there’s a convenience store with the usual offerings: magazines, toilet paper, an overly generous selection of beverages. But next to the cashier counter stands a tall vending machine that sells a much more unexpected product—gold.
“Currently we are seeing about 30 million won of sales per month,” said a GS spokesperson via text message. “The gold vending machine draws customers’ attention due to increasing demand for safe haven assets and the spreading trend of micro-investing.” According to a BGF spokesperson, 95% of 770 gold products on offer were sold as of May 31. “Sales accelerated as CU’s fixed-price gold products became cheaper than the market price,” BGF said in a press release. The retail chain will introduce higher-weight options, from 2-gram to 10-gram bars, in the future, but did not specify a date.
“With the price of gold recently topping $2,400 per ounce, investing in gold has become a popular way,” the bank said in a statement, adding that it plans to extend the service to gold coins and silver by the end of the year.One entity that isn’t about to start installing gold bar vending machines is the Bank of Korea. The nation’s central bank hasn’t purchased the metal since 2013. At the end of 2023, it held 104.4 tons of gold, according to a report from the news agency Yonhap.
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