Gold prices in S. Korea continue to break records

SEOUL, Aug. 22 (Yonhap) -- Domestic gold prices set a fresh record high again on Monday on increased demand for safer assets amid concerns over a slowdown in the U.S. economy and lingering debt problems in Europe, industry sources said. The retail price of 1 don (3.75 grams) of pure gold in the country stood at an all-time high of 257,400 won (US$237.6), up 3,300 won from Saturday's price, according to the Korea Gold Exchange, a local gold dealer. The don is a Korean unit used to measure gold. The figure could translate into a one-don pure gold ring, a common present for a baby on its first birthday, fetching over 270,000 won when taxes and other costs are added, the sources said. The price per don of gold in South Korea surpassed the 200,000-won mark in June last year. In August 2008, the retail price of gold was some 110,000 won per don. Runaway gold prices are also becoming a global trend as investors move to hold onto safer assets amid growing fears over a double-dip recession. Gold for December delivery rose to a record $1,852.20 an ounce in New York on Friday.