Aside from ramen and sausages, South Korea’s convenience stores have a new popular item on the menu — gold bars. The country’s largest convenience store chain, CU, has been collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer customers mini gold bars — and they’re selling like hot cakes.
A variety of small finger-nail sized gold bars weighing between 0.1 gram and 1.87 gram have been up for sale at CU outlets since April. A 1.87 gram bar sells for 225,000 won ($165.76) and a 0.5 gram bar sells for 77,000 won.
Priced at 113,000 won each, 1 gram bars were sold out within two days, according to local news reports. The bars come with congratulatory messages, birthday wishes and even designs for personality types.
People in their 30s were most active in purchasing these gold bars, accounting for over 41% of the total sales since their launch, according to CU’s commerce phone app Pocket CU. Those in their 40s make up 35.2% of the sales, followed by people in their 50s at 15.6%. People in their 20s accounted for 6.8% of all sales.
Demand for bars and coins in South Korea rose 27% year on year to 5 tons in the first quarter of this year amid rising prices of the yellow metal, the World Gold Council said in a recent report. This was the sharpest quarterly increase in gold purchases in South Korea in more than two years, WGC noted.
