Value of South Korea’s gold reserves rose to $2.17 billion

The Bank of Korea said Friday it has boosted the size of its gold holdings by $850 million in November, up about 39% from the prior month, bringing the value of its total reserves to $2.17 billion, according to a monthly reserves statement posted on its website.

The central bank accumulated 15 metric tons in several purchases during the month, lifting its bullion holding to 54.4 tons, according to reports citing the central banks’s head of reserve-investment strategy, Lee Jung. “Demand for gold is increasing as a hedge against global inflation amid the persistent sovereign-debt crisis in Europe,” Lee was cited as saying by Dow Jones Newswires. The November additions marked the second such gold-buying move this year, according to BOK data.

Tags: South Korea gold reserves

Posted by admin on Dec 2 2011. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry