Bank of Korea May Buy Gold in Medium-Term After Long Hiatus

South Korea’s central bank is weighing plans to add to its gold reserves for the first time in more than a decade, potentially joining a wave of purchases by monetary authorities around the world that helped push bullion prices to record highs.

“The Bank of Korea plans to consider additional gold purchases from a medium- to long-term perspective,” said Heung-Soon Jung, director of the Reserve Investment Division at the bank’s Reserve Management Group. The last time the bank added to its gold holdings was 2013, according to Jung, speaking at an event hosted by the London Bullion Market Association and London Platinum and Palladium Market in Kyoto on Tuesday.