The Korea Minting and Security Printing Corp. (KOMSCO) halted its gold bar supply to major commercial banks. Demand for the safe-haven asset surged due to market turbulence linked to U.S. President Donald Trump.

KOMSCO announced Tuesday that it ceased gold bar sales at both physical stores and online platforms due to depleted inventory and halted production. With its supply indefinitely suspended, KB Kookmin Bank stopped accepting gold purchase applications on Tuesday, and other commercial banks also reportedly informed customers that even if they place orders, delivery could take several months.

The Korea Gold Exchange, a significantly larger gold supplier than KOMSCO, suspended its sales in November 2024, effectively leaving banks unable to sell gold for now. The exchange supplies gold bars to most commercial banks, while KOMSCO provides them to all major banks except Shinhan Bank, which sources its supply from the Korea Gold Exchange and LS MnM Inc., an LS Group subsidiary.

Gold purchases in South Korea have become increasingly difficult, with only limited online options available. Even those who manage to buy gold online face indefinite delays in receiving the physical product.

Gold investment has surged since 2024 as Trump’s rising re-election prospects fueled market uncertainty. Given the radical nature of his policies and their market impact, investors have increasingly turned to gold, which is less vulnerable to such volatility.

Demand for gold bars from Korea’s four major banks- KB Kookmin, Shinhan, Hana, and Woori - has soared. Sales totaled 62.4 billion won ($43 million) in 2023 but jumped to 159.5 billion won in 2024, a 2.6-fold increase. In just the first 40 days of 2025, gold bar sales have already hit 44.9 billion won, nearly one-third of the 2024 total.

With Trump escalating trade wars worldwide, demand for gold is expected to climb further, driving prices higher. Amid global economic uncertainty, market analysts project that gold could soon hit the $3,000-per-ounce mark. CitiGroup analysts noted last week that gold bars are being purchased as a hedge, forecasting that prices may reach $3,000 per ounce in the near term.

As of Monday (local time), international spot gold prices closed at $2,908.17 per troy ounce, marking a new record high for the seventh time in 2025.

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