Gold banking accounts

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Gold banking accounts shine as price of precious metal soars

A growing number of bank clients are investing in gold using a deposit account that allows them to buy and sell the precious metal, whose price is surging due to heightened geopolitical risks and an increasing preference for safe haven assets.

The country's four major commercial banks — KB, Shinhan, Hana, and Woori — collectively reported a total of 255,887 accounts on Monday, in which depositors entrust cash to the banks that purchase an equivalent value of gold on their behalf following consultation.

Account holders have the option to possess the actual gold they've invested in or to wait for market prices to appreciate, enabling them to withdraw a greater cash amount than their initial investment.

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