South Korea · KRW · October 2023
Gold Price in South Korea — October 2023
In October 2023, the gold price in South Korea closed at approximately ₩2,587,553 per troy ounce, equivalent to ₩970,348 per tola or ₩83,192 per gram. This represents a +4.21% change on the month (₩2,483,048 open → ₩2,587,553 close).
Open
₩2,483,048
per troy ounce
Close
₩2,587,553
per troy ounce
High
₩2,600,440
per troy ounce
Low
₩2,356,968
per troy ounce
All unit prices at October 2023 close — South Korea
| Unit | Weight | Closing KRW price |
|---|---|---|
| Troy ounce | 31.1035 g | ₩2,587,553 |
| Gram | 1.0000 g | ₩83,192 |
| 10 grams | 10 g | ₩831,917 |
| Kilogram | 1,000 g | ₩83,191,698 |
| Tola | 11.664 g | ₩970,348 |
Karat-purity breakdown at October 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KSOUTH KOREA STD | ₩83,109 | ₩969,378 |
| 22K | ₩76,204 | ₩888,839 |
| 21K | ₩72,793 | ₩849,054 |
| 18K | ₩62,394 | ₩727,761 |
| 14K | ₩48,667 | ₩567,654 |
| 10K | ₩34,691 | ₩404,635 |
Daily gold price in KRW — October 2023
October 2023 gold market: Israel–Hamas war reignites safe-haven demand
BullishWar reignited safe-haven flows and reversed the autumn slide.
Gold rallied hard in October after the October 7 Hamas attack on Israel triggered war and fears of a wider Middle East conflict. The metal climbed from about $1,820 to near $2,000, erasing weeks of losses in a matter of days.
What drove gold in October 2023
- Israel–Hamas war (Oct 7)
- Middle East escalation fears
- safe-haven flows
- falling real yields late month
Key events in October 2023
- Oct 7Hamas attacks Israel; gold begins a sharp safe-haven rally
- Oct 27Gold approaches $2,000 as the conflict intensifies
What happened next
The rebound flowed into a strong year-end as Fed-cut bets revived.
For gold buyers in South Korea
October repeated a familiar pattern — geopolitical shock lifts gold fast, rewarding those already positioned before the headlines.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The South Korea gold market
South Korea retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
KRW (₩)
Daily gold price — October 2023, South Korea
₩2,483,048
$1,916.25/oz
₩2,375,239
$1,833.05/oz
₩2,361,503
$1,822.45/oz
₩2,356,968
$1,818.95/oz
₩2,357,616
$1,819.45/oz
₩2,357,810
$1,819.60/oz
₩2,414,760
$1,863.55/oz
₩2,391,371
$1,845.50/oz
₩2,406,273
$1,857.00/oz
₩2,424,738
$1,871.25/oz
₩2,428,301
$1,874.00/oz
₩2,473,913
$1,909.20/oz
₩2,503,929
$1,932.37/oz
₩2,485,380
$1,918.05/oz
₩2,498,533
$1,928.20/oz
₩2,534,167
$1,955.70/oz
₩2,531,381
$1,953.55/oz
₩2,576,668
$1,988.50/oz
₩2,569,380
$1,982.88/oz
₩2,556,584
$1,973.00/oz
₩2,544,468
$1,963.65/oz
₩2,569,930
$1,983.30/oz
₩2,559,175
$1,975.00/oz
₩2,569,412
$1,982.90/oz
₩2,600,440
$2,006.85/oz
₩2,588,460
$1,997.60/oz
₩2,587,553
$1,996.90/oz
How South Korea gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The KRW/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every KRW figure on this page is computed as XAU/USD price × KRW/USD rate. We use the year-end exchange rate consistently across all October 2023 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in South Korea, add the country-specific levies described in the “South Koreagold market” section above.
FAQ — South Korea gold price in October 2023
What was the gold price in South Korea in October 2023?
In October 2023, gold in South Korea opened at ₩2,483,048/oz and closed at ₩2,587,553/oz — a move of +4.21% on the month. Per tola: ≈₩970,348; per gram: ≈₩83,192; per 10g: ≈₩831,917.
What was the 24K gold rate per tola in South Korea in October 2023?
The 24K gold rate per tola in South Korea at the October 2023 close was approximately ₩970,348, derived from international XAU/USD spot of $1,996.90/oz times the 2023-end KRW/USD exchange rate of 1,295.785. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in South Korea in October 2023?
South Korea's most-quoted retail standard is 24K per gram. At the October 2023 close, that worked out to approximately ₩83,109 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
KRW prices on this page are computed from the verified international XAU/USD spot price for October 2023 (sourced from gold-api.com), multiplied by the 2023-end KRW/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ₩ figures here represent the international gold spot price converted to KRW at the 2023-end exchange rate. South Korea's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in South Korea? See live gold prices in South Korea with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2023 archive or the USD-only October 2023 page with the country-by-country list at the bottom.
Other markets? Compare October 2023 prices across other major gold-trading countries: Japan, China, Hong Kong, Singapore, Australia, United States.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to KRW at the 2023-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in South Korea before transacting.