Korea Raises Gold Reserves Third Time Since June Last Year
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The Bank of Korea, which has the world’s seventh-biggest foreign-exchange reserves, boosted gold holdings for the third time since June last year, joining central banks from Russia to Kazakhstan in buying bullion to diversify assets.
The bank bought 16 metric tons last month, increasing reserves to 70.4 tons, according to Lee Jung, head of the investment strategy team at the bank’s Reserve Investment Division. Holdings increased by $810 million to $2.98 billion, or the equivalent of 0.9 percent of total reserves, the bank said in a statement today.