As the price of gold continues to climb, many Koreans are heading to pawn shops in Jongno District, Seoul, to sell their gold items, ranging from rings to crowns. Amid economic uncertainty, the gold price has soared to 353,000 won per 3.75-gram gold bar, according to the Korea Gold Exchange. This marks a 55% increase compared to the 227,000 won in March 2013.

Analysts attribute the rise in gold prices to the ongoing global economic slowdown, which has led many to seek safer investment options. The price of gold has fluctuated below 300,000 won between 2013 and 2020 before breaking through the 300,000-won threshold in January 2022. Since then, gold prices have been hitting new highs.

A jewelry store owner in Jongno District, who has been in the business for 20 years, said that more customers are coming to sell gold rather than buy it. People are selling various gold items, including bracelets, rings, coins, badges, and even gold keys commemorating 20 years of service to a company. Gold crowns, typically made with gold alloys, are worth only around 10,000 to 20,000 won, but elderly sellers still bring them in to sell.

Younger individuals, aged 20 to early 40s, are also selling gold trinkets online. They contact online pawn shops for price estimates and then send their gold items via mail. The payment is received through direct deposit.

Gold banking has become another popular investment option. The total gold balance at banks, including KB Kookmin, Shinhan, and Woori, was 513.9 billion won on March 24, up 10.8 billion won compared to 503.1 billion won in December. Gold can be sold worldwide and is easy to liquidate into cash. However, the value of gold usually rises during times of crisis, such as wars or financial turmoil.

Baek Seok-hyun, an analyst at Shinhan Bank, said that the term 'permacrisis,' a combination of permanent and crisis, has been coined to describe the current geopolitical and economic climate. The global economic slowdown and bank liquidity crisis have contributed to the escalation in gold prices. He added that the gold price will eventually fall as the value of the dollar decreases.

Oh Kwang-young, an analyst from Shinyoung Securities, warned that gold is not a secure form of investment, as its price can fluctuate dramatically depending on the situation. He advised people to consider gold as a secondary form of investment for precautionary purposes.