by Christine Kim, MineWeb.com
The bank said the stable market conditions in July were judged to be a good time to push ahead efforts to diversify its forex reserves.
South Korea’s central bank said on Thursday that it bought 16 tonnes of gold in July as easing financial markets after a turbulent June allowed it to push ahead with efforts to diversify its massive foreign exchange reserves.
It put the total value of the purchase, which was made on multiple occasions during July and boosted its gold holdings to 70.4 tonnes, at $810 million, slightly less than $850 million it spent buying 15 tonnes of gold in November of last year.
“The markets were stable in July and we judged the conditions were good for us to make the purchase then,” said Lee Jung, head of the Investment Strategy Team at the Bank of Korea’s Reserve Investment Division.