Bank of Korea to Buy Gold from Domestic Producers

South Korea's central bank has announced plans to diversify its gold holdings by purchasing the precious metal from domestic producers. The Bank of Korea will buy gold at international market prices through transactions, payment, and deposit systems provided by Korea Exchange and Korea Securities Depository. This move marks the bank's first domestic gold purchases in 13 years.

The central bank said it aims to support its management of foreign reserves with these purchases. The bank plans to buy gold intended for exports only at contract prices, which is expected to have a limited impact on trading prices of gold in the country.