Gold prices flying high

According to the Korea Jewelers Association, the wholesale price of 1 don (3.75 grams) of pure gold rose to 196,000 won, more than 20 percent higher than the price a year ago. The retail price of the precious metal broke past the 200,000-won bar, standing at 208,000 won. Don is a unit used in Korea to measure gold.　

That means a pure gold ring of one don, which is a common present for a baby at its first birthday, could easily cost about 210,000 won to 220,000 won. 

High-flying gold prices are scaring off customers from buying gold products, jewelry shops said. 

“So few customers are shopping for gold products, whereas the number of those seeking to liquidate what they have is increasing,” said a jewelry shop owner in Jongno, Seoul.