South Korea returned to the gold market last month, adding 16 tonnes to its reserves in the latest move by a central bank to take advantage of falling prices to accumulate bullion.
Its central bank said yesterday that the purchase, its first since November, was in an effort to diversify its portfolio amid sovereign debt market turmoil.
“Gold is a safe-haven asset, so higher exposure to gold can boost the credibility of our foreign reserves,” Lee Jung, head of investment strategy at the Bank of Korea’s reserve investment division, told the Financial Times.
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