Residents in South Korea are rushing to buy gold as the international gold prices hit record highs, driving up prices of the precious metal in the country. On a street known for its gold shops, a steady stream of South Korean residents have been visiting stores to either purchase gold or sell it back for cash. Unlike earlier this year, when gold was mainly purchased as a safe-haven asset, more South Koreans are now considering it as an investment option. Seo Min-cheol, who manages a gold shop in Seoul, has seen bustling activity for days. The store's daily sales have averaged around 600 million won (about 435,000 U.S. dollars), with turnover in the first 10 days of September up 50 percent compared to the same period last month. Gold recycling has also been brisk, with daily repurchase volumes hitting around 281,000 U.S. dollars. "There has been a noticeable increase in customers purchasing large-weight gold products such as 100 grams, 500 grams, and one kilogram. Driven by the recent surge in gold prices, we have already exceeded this year's sales target by nearly double," he said. Data show that from Sept 1 to 11, South Korea's five major commercial banks, namely, KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and Nonghyup Bank, sold 37.31 billion won worth of gold bars, nearly matching August's total sales. The Korea Exchange the closing price for the 1-kilogram gold product set a new record at 167,740 won per gram, with daily trading volume surpassing one ton for the first time. Analysts predict that the positive trend in gold prices is likely to continue. "The U.S. dollar is expected to remain weak in the short term, which is likely to further push gold prices up. We anticipate that gold prices will maintain the upward trend in the second half of this year," said Hwang Se-woon, a researcher at the Korea Capital Market Institute (KCMI). Alongside physical gold, financial products linked to the price of gold are also gaining popularity. Gold bank accounts, a safe, convenient and low-cost investment option, have exceeded 300,000 nationwide, up more than 10 percent from the end of last year. As of Sept 11, the gold banking balance of KB Kookmin, Shinhan, and Woori Bank, which handle gold banking, has surpassed 1.2 trillion won for the first time. Meanwhile, the demand for gold-backed exchange-traded funds (ETFs) have soared. As of the close of the market on Monday, the net assets of 10 domestically listed gold ETFs in South Korea have reached 2.52 trillion won, nearly 2.9 times that of the end of last year. SHOTLIST: Seoul, South Korea - Recent 1. Various of customers walking on street, entering gold stores; 2. Various of gold products for sale, customers in shop; 3. Various of manager, staff members, customers; 4. SOUNDBITE (Korean) Seo Min-cheol, manager, gold store (ending with shots 5-6): "There has been a noticeable increase in customers purchasing large-weight gold products such as 100 grams, 500 grams, and one kilogram. Driven by the recent surge in gold prices, we have already exceeded this year's sales target by nearly double."; 5. Various of gold bars for sale; 6. Various of customers, salesperson at gold store; 7. Various of gold products for sale; 8. SOUNDBITE (Korean) Hwang Se-woon, researcher, Korea Capital Market Institute (KCMI) (starting with shot 7/ending with shot 9): "The U.S. dollar is expected to remain weak in the short term, which is likely to further push gold prices up. We anticipate that gold prices will maintain the upward trend in the second half of this year."; 9. Various of gold bars, gold rings for sale; 10. Customers walking past gold store. [Restrictions: No access Chinese mainland]