The South Korean central bank is estimated to have foreign exchange reserves of around $350 billion including 104 tons of gold. The South Korean population holds about 700 tons of gold and it is estimated that about 70 tons of physical gold was being bought and sold in Korea per year (without any import duties or taxes being paid on it). So it will be interesting to see how this opening of gold trading impacts the commercial and personal buyers of gold (who will be able to buy through registered brokers) and whether they would be willing to pay the 10% tax levied on gold by the South Korean government.
It would appear that a 3% import duty is being waived for trading in this new market. South Korea does not seem to have significant gold mining operations at home (there is some gold mining in North Korea) so its only sources of the precious metal are either gold recycling or imports.