Global Gold Rush: Prices Soar as Central Banks and Retail Investors Snap Up Bullion

Gold prices have surged above $4,400 per ounce, marking a more than 20% increase from last year. China has bought gold for 21 consecutive months, and the Bank of Korea has resumed gold-related investment after a 13-year hiatus.

K-pop star Mimi, a member of Oh My Girl, revealed in April that she prefers tangible assets over stocks, citing her preference for visible assets like gold.

Analysts attribute China's buying to diversifying foreign exchange reserves, reducing dependence on the dollar, and strengthening the international standing of the yuan. The Bank of Korea has purchased shares of SPDR Gold Shares, the world's largest gold ETF, valued at approximately $250.41 million as of the end of the second quarter.

Central banks worldwide are expected to increase their gold holdings over the next year, with a record 45% planning to expand their own institution's reserves directly. Retail investor enthusiasm for gold is also intense, with South Korea's largest physical gold ETF attracting significant inflows this year.