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The South Korean bank considers buying gold after 12 years of suspension
The Central Bank of Korea, Bank of Korea (, is considering buying gold back for the first time since 2013, signaling a change in the management of foreign exchange reserves. Currently, the bank holds 104.4 tons of gold, ranking 41st globally according to the World Gold Council ).
Previously, the central bank bought 40 tons in 2011, 30 tons in 2012, and 20 tons in 2013 over a three-year period, but then stopped due to the plummeting gold prices and domestic criticism. Now, under pressure from inflation and a weakening won, Director of the Reserve Investment Department Heung-Soon Jung stated that the bank may consider buying more gold from a medium to long-term perspective, depending on reserve developments and gold price trends as well as the won. Globally, central banks are accumulating gold, indicating a decline in confidence in dollar-denominated assets.