The Korea Minting, Security Printing and ID Card Operating Corporation(KOMSCO) has decided to suspend supply of gold bars to commercial banks amid a surge in gold transactions that has led to a shortage.

According to the state-run corporation, it issued an official document to commercial banks nationwide on Tuesday, requesting suspension of gold bars.

On its official website, KOMSCO announced the suspension of sale, citing disruptions in supply.

The rise in demand for gold, a risk-free asset, comes amid growing uncertainties stemming from U.S. President Donald Trump's enforcement of tariffs.

As of Tuesday, the price of gold at the Korea Gold Exchange was 592-thousand won, or around 407 U.S. dollars, per three-point-75 grams, up over 20 percent since the start of the new year.

Gold bars worth more than 24-point-two billion won were sold so far in February at the nation's five commercial banks, more than triple the amount sold a year earlier.