Bank of Korea Set to Buy Gold from Domestic Producers in December

South Korea's central bank plans to purchase gold from domestic producers in December. According to an official, the Bank of Korea expects its transaction system for purchases from local producers to be ready by December 14.

The system will allow the central bank to buy about 1 metric ton of gold, which could become available by then. This move is part of the central bank's plan to support its management of foreign exchange reserves.

In August, the Bank of Korea announced that it would buy gold from local producers at contract prices. This decision comes after a nine-year hiatus, during which time South Korea did not add any gold to its reserves.