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THE KOREAN GOLD MARKET:
DEVELOPMENT, LINKAGES, AND OPPORTUNITIES FOR REGIONAL COOPERATION

By Korea Exchange (KRX)

The Korean gold market consists of two main segments: the traditional over-the-counter (OTC) physical market and the KRX Gold Market, a regulated, exchange-traded spot market established under a government-led initiative.
Historically, the physical market, centred on wholesale and retail distribution networks such as local jewellery shops, has served as the foundation of domestic gold trading. In parallel, the exchange-traded spot market, known as the KRX Gold Market and operated by the Korea Exchange (KRX), has established itself as a regulated marketplace supported by reliable trading infrastructure and transparent price discovery.
Traditionally, gold in Korea was viewed primarily as a physical asset, commonly held in the form of gold bars or jewellery. In recent years, however, gold has increasingly emerged as an important component of asset allocation in financial markets, amid heightened global economic uncertainty, growing inflation concerns, and stronger demand for safe-haven assets.
The KRX Gold Market has evolved in response to these changes, offering a trading environment akin to a stock market while remaining firmly backed by physical gold. It facilitates price discovery through a competitive auction mechanism and provides quality assurance, secure custody, and reliable settlement. Through this framework, the KRX Gold Market improves investor protection and contributes to the sound development of Korea’s domestic gold market.

Significance and key features of the KRX Gold Market

The KRX Gold Market is Korea’s exchange-traded spot market, established in March 2014. It was launched as part of a policy initiative to modernise the gold distribution system by improving transparency in gold transactions and establishing a quality control system.
The market operates on a public-sector infrastructure that brings together three core institutions: KRX, which operates the market; Korea Securities Depository (KSD), which provides custody and withdrawal services; and Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO), which is responsible for quality certification. This division of responsibilities is essential to ensuring the stability and credibility of the market.

Market participants can trade gold bullion with a purity of 99.99% at prices determined in real time through the market

A major advantage of the KRX Gold Market lies in its transparent trading environment and standardised market structure. Market participants can trade gold bullion with a purity of 99.99% at prices determined in real time through the market, while reducing counterparty risk and benefiting from efficient trading processes supported by central counterparty clearing, settlement, custody, and physical withdrawal.
The KRX Gold Market is also highly competitive in terms of tax benefits and trading costs. In Korea, purchases of physical gold are generally subject to value-added tax (VAT), whereas gold traded and held within the KRX Gold Market is not subject to VAT unless it is physically withdrawn. In addition, capital gains from gold transactions are not taxable for individual investors, whether traded on or off exchange. VAT applies only when investors take physical delivery of gold purchased through the KRX Gold Market. This framework helps reduce transaction costs for investors and encourages participation in the regulated gold market.
Moreover, individual investors can trade gold in small units through securities firms, much like they trade stocks. This convenient and accessible trading structure lowers barriers to gold investment and allows investors to recognise gold as a more liquid and familiar investment asset.

Recent market trends and outlook

One of the most notable recent developments in the KRX Gold Market is the increasing internationalisation and diversification of its supply structure and participant base.

First, in April 2026, KRX revised its market framework to allow eligible overseas LBMA Good Delivery refiners to supply gold directly into the KRX Gold Market

First, in April 2026, KRX revised its market framework to allow eligible overseas LBMA Good Delivery refiners to supply gold directly into the KRX Gold Market, with a view to strengthening its linkages with the global gold market. This represents an important step beyond a predominantly domestic supply structure toward greater integration with internationally recognised refining and supply networks. An LBMA-accredited overseas refiner is currently preparing to participate in the KRX Gold Market. By diversifying its sources of supply, KRX expects to enhance supply stability and price discovery, bringing the KRX Gold Market further in line with international standards.

SECOND, IN AUGUST 2026, THE BANK OF KOREA, KOREA’S CENTRAL BANK, ANNOUNCED PLANS TO TRADE DOMESTICALLY PRODUCED GOLD THROUGH THE KRX GOLD MAREKT

Second, in August 2026, the bank of Korea, Korea’s Central Bank, announced plans to trade domestically produced gold through the KRX Gold Marekt as part of its efforts to diversify gold procurement channels for the management of its foreign exchange reserves. This not only points to the potential entry of a new source of institutional demand, but also reflects the credibility that the KRX Gold Market has built as a trusted gold trading infrastructure. The central bank’s participation is expected to broaden the market’s liquidity and trading base. Over the medium to long term, it should also strengthen domestic price discovery, improve the KRX Gold Market’s alignment and connectivity with international gold markets, and elevate its standing as an exchange-traded spot market.
Building on these structural changes, KRX plans to further develop the KRX Gold Market into a more reliable, open, and competitive spot market.

KRX’s interest in regional cooperation and potential areas for collaboration

As the global precious metals market becomes increasingly interconnected, KRX regards cooperation with ASEAN markets as an important driver for the further development of Asia’s gold market. Regional competitiveness can be bolstered not only through the growth of individual markets, but also through closer connections among exchanges, refiners, financial institutions, logistics providers and other market participants, underpinned by trusted standards and infrastructure.
As an exchange-traded spot market, the KRX Gold Market has developed a framework for transparent price discovery, standardised trading, settlement and withdrawal, quality assurance, and investor protection. By sharing its experience in operating an exchange-traded market with SBMA members and other regional markets, KRX seeks to contribute to developing market structures, standardising trading practices and building greater market credibility across the region.
At the same time, cooperation with SBMA would provide valuable opportunities for the further development of the KRX Gold Market. By expanding engagement with diverse sources of demand and supply and with market participants across ASEAN, while exchanging information on market developments, major issues, and regulatory and institutional challenges, KRX could further deepen its linkages with the global precious metals network. Such cooperation would help broaden KRX Gold Market’s base and foster greater compatibility and interoperability between market infrastructures, while preserving the distinctive characteristics of each domestic market.
Through substantive cooperation with SBMA and other regional markets, the KRX Gold Market hopes to collectively enhance the transparency, accessibility, and credibility of Asia’s gold market, while contributing to the sustainable growth of regional markets and developing a more integrated precious metals ecosystem.

Established in 1956, Korea Exchange (KRX) has contributed to Korea’s economic development by providing companies with access to growth capital and investors with diverse investment opportunities. As a key market infrastructure provider, KRX operates Korea’s securities, derivatives and commodity markets, with a focus on fostering fair, transparent and globally competitive markets. Among its commodity markets, KRX operates the KRX Gold Market, Korea’s exchange-traded spot market, established in March 2014 to enhance transparency in gold trading and modernize the domestic gold distribution system. Find out more at https://global.krx.co.kr.

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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

Margaret Wong

Executive Director – Head of Operations

Margaret Wong, Executive Director – Head of Operations at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Managing Director – Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch
Kazuya (Kaz) Naoki is the Managing Director – Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Managing Director
JP Morgan Chase Bank N.A.

Raman is Managing Director for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.