BOK to Buy Domestic Gold for First Time in 13 Years

The Bank of Korea (BOK) has announced plans to purchase domestically produced gold for the first time in 13 years. The central bank will partner with LS MnM Co., a copper smelting and refining company, as well as the Korea Exchange (KRX) and the Korea Securities Depository (KSD), to facilitate the transactions.

LS MnM is one of South Korea's two major gold producers, alongside Korea Zinc Co. The companies produce around 40-45 tons of gold annually, with about 10 percent exported abroad.

The BOK will consider purchasing a portion of the excess gold intended for export using the KRX's existing trading and settlement infrastructure, as well as storage facilities being prepared by the KSD.