Bank of Korea to buy gold after 13 years, citing geopolitical risks
The Bank of Korea plans to purchase physical gold for the first time in 13 years, driven by geopolitical risks and a desire to diversify storage locations.
The bank’s gold purchases would be made domestically, drawing from gold that would otherwise have been exported, with only a small amount available, around 4 to 5 tonnes annually.
Deutsche Bank sees gold’s correction as largely done, holding a US$4600 Q4 target, as central banks reassess their reserve strategies amid rising geopolitical tensions.