South Korea Central Bank Bought 14 Tonnes of Gold in Nov - RTRS
Wednesday, December 5, 2012
By Christine Kim, Reuters
SEOUL, Dec5 (Reuters) - South Korea's central bank said on Wednesday it bought 14 tonnes of gold in November using its foeign reserves in order to spread its portfolio risks, while releaseing data showing total reserves rose after talk of market intervention.
The Bank of Korea bougth the gold for $780 million, the fourth purchase in about one-and-a-half years and lifting the proportion of gold in its total foreign reserves to 1.2 percent from the previous 0.9 percent, it said in a statement.
"Gold is a physical, safe asset and allows (the country) to deal with changes in the international financial environment more effectively," it said in a statement, without providing more details on the purchase.
The Bank of Korea now holds 84.4 tonnes of gold, valued at $3.76 billion in terms of purchase prices, up nearly six-fold from 14.4 tonnes before June last year.
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