South Korea adds to Gold Reserves, again

South Korea is now only about 9 tonnes short of Australia's gold holdings, not that the Australian Reserve Bank says were they keep them

SEOUL(BullionStreet): Asia's fourth largest economy, South Korea's gold reserves hit 70.4 tons valued $2.98 billion at the end of August, according to World Gold Council.

South Korea now ranked 40th in the world in gold holdings by nations, up three notches from two months earlier as its central bank purchased the precious metal to diversify foreign exchange reserves.

However, Gold still accounts for only 0.9 percent out of the country's total foreign reserves of $316.88 billion.

The Bank of Korea (BOK) bought 16 tons of gold in July, the third purchase of the precious metal since the central bank bought it in July last year for the first time in 13 years.

Read more