How gold is priced in South Korea
In South Korea gold is priced per don (돈, 3.75 g), the weight of the traditional first-birthday ring, and per gram on the exchange. The figures above are the international spot price converted to won. Physical gold bought from a shop, bank or dealer also carries 10% VAT, shown in the "incl. 10% VAT" row.
The KRX Gold Market
The KRX Gold Market, opened by the Korea Exchange in 2014, trades 99.99% gold in 1-gram units through securities accounts, priced in won per gram. Gold bought and held on the exchange is free of VAT, and gains on it are not taxed; 10% VAT is charged if you withdraw physical bars. Because supply is limited, KRX prices can move away from the international price, as they did during the buying rush of early 2025.
VAT and physical gold
Gold bars and jewellery bought from banks, dealers and jewellers carry 10% VAT, so shop selling prices are well above the converted spot price, and buy-back prices sit below it. Jewellery adds a labour charge. During the buying rush of February 2025 the state mint KOMSCO halted or cut its gold bar supply to banks, and several banks suspended gold bar sales.
Purity and the don
Korean jewellery is mostly 14K (58.5%) and 18K (75%), while 순금 (24K) is used for bars and traditional gifts. Official measurement law favours grams, so prices are often shown "per 3.75 g", but shops still talk in don. A 1-don 24K ring (dol-banji) is the customary gift for a baby's first birthday, which keeps the 1-don price widely watched.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.