Bank of Korea Buys 780 Million Worth of Gold in November

In the month of November 2012, the Bank of Korea purchased $780 million of gold. The Bank of Korea holds $3.76 billion worth of gold, about 1.2% of its reserves. This is up from 0.9% of reserves.

The bank used it foreign reserves to buy 14 tonnes of gold that month.

The Bank of Korea said in a recent statement, “gold is a physical, safe asset and allows (the country) to deal with changes in the international financial environment more effectively.”

Increasingly, central banks in East Asia, including Central Asia have added to their physical holdings in gold.

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