South Korea's Central Bank Buys Gold Assets for the First Time, Holding 679,765 Shares of ETF

On August 13, South Korea's central bank purchased gold-related assets for the first time in 13 years to hedge against geopolitical and economic uncertainties. As of the end of the second quarter, the Bank of Korea held 679,765 shares of SPDR Gold Shares, valued at approximately $250 million. Three months ago, the bank did not hold any shares of this gold ETF. This investment marks the first purchase of gold-linked assets since 2013, but it will not increase the official gold reserves, as gold ETFs are classified as securities and are part of the foreign exchange reserves. Economist Choi Kyuho stated that the current allocation of gold by the Bank of Korea is relatively low, indicating there is room for further purchases in the future, and it is expected that gold holdings will gradually increase.

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