Korean Central Bank Plans Purchase of Domestically Produced Gold
MT Newswires Live
Yesterday
The Korean central bank will buy locally produced gold, according to a Monday statement.
The Bank of Korea has created a cooperation framework with domestic gold producers, the Korea Exchange and the Korea Securities Depository to support the effort.
The move allows the central bank to diversify its gold procurement channels aside from current purchasing methods.
The central bank also looks to expand gold holdings in the mid-to-long term, mix gold storage locations, and expand foreign exchange reserves with the effort.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.