ITCEN Global Surges 16% on Rebound in International Gold Prices

Shares of ITCEN Global surged 16% in early trading on August 24 as gold prices rebounded, fueling expectations of improved earnings at its subsidiary Korea Gold Exchange.

The company's stock price rose to ₩37,900 (approximately $27) by 9:19 a.m. KST, up ₩5,350 (approximately $3.9), or 16.44%, from the previous session.

The rebound in gold prices was attributed to the decline of the US dollar and the rise of U.S. Treasury yields, according to Ok Ji-hee, an analyst at Samsung Futures.

ITCEN Global's revenue is heavily tied to fluctuations in gold prices, as its Web3 segment, which includes Korea Gold Exchange, accounts for the vast majority of consolidated revenue.