Bank of Korea Buys Gold for First Time in 2012

Bloomberg reported that the Bank of Korea bought 16 metric tons of gold in July, increasing its gold reserves for the first time this year.

As quoted in the market news:

The central bank bought 16 metric tons last month, boosting 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.

The Bank of Korea bought 25 tons over a one-month period from June to July last year, the first purchases in more than a decade, and added a further 15 tons in November, joining other emerging-market countries in expanding holdings to guard against currency volatility and to diversify portfolios.

Click here to read the full Bloomberg report.