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South Korea acquires appetite for more gold

South Korea acquires appetite for more gold

South Korea has ranked in the top 35 countries for gold reserves for the first time, a report from the World Gold Council has outlined.

It holds gold reserves of 104.4 tonnes after purchasing 20 tonnes of gold this year.  It acquired 40 tonnes of gold in 2011 for the first time in 13 years, largely as central bank governor Kim Choong-soo decided to increase gold reserves.

The central bank of Korea had faced the need to diversify its foreign exchange reserves portfolio with a small amount of gold in their portfolio.

The country's holdings of foreign exchange reserves are worth $326.4 billion, gold reserves accounted for just 1.5 percent as of June.

As a result, Korea's ranking jumped from 56th in 2011 and 43th in last July to the highest of 34th this month.

By way of comparison, Korea's gold reserves compare with that of Greece, 112.0 tonnes, Rumania 103.7 tonnes and Poland 102.9 tonnes.

China's share of gold reserves in foreign exchange reserves of (1.3 percent) are comparable with South Korea but both are dwarfed by the comparative holdings of the U.S, which held the highest amount of gold reserves worth 8,133.5 tonnes.

This was followed by Germany with 3,391.3 tonnes, the International Monetary Fund with 2,814.0 tonnes, Italy with 2,451.8 tonnes and France with 2,435.4 tonnes.

In Monday trading in Asia, spot gold is trading down $2.20 to $1,221.60 an ounce.

 

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