Korea Exchange to begin physical gold trading

Korea Exchange Inc. will begin physical gold trading on March 24 as Park Geun Hye's government seeks to wring tax revenue out of a market that's dominated by illegal transactions. The exchange will use 1 gram units of bullion of 99.99 percent purity to spur liquidity and delivery will be in 1 kilogram bars, the bourse said in a statement today

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South Koreans hold seven times as much gold as the 104.4 metric tons in their central bank's vaults and the majority of trading is on the black market to evade import duty and value- added tax, according to government estimates.