South Korea Expands Gold Reserves with Domestic Buying Program

South Korea has announced a new program to expand its national gold reserves by purchasing gold from the domestic market, marking a significant shift in the nation's reserve management strategy as of the third quarter of 2024.

The Bank of Korea will acquire gold bullion from local refineries and financial institutions through a transparent bidding process, supporting the domestic precious metals industry. This approach allows for incremental purchases to avoid market disruption.

South Korea's decision aligns with a broader trend among global central banks to increase gold reserves, particularly in emerging economies such as China, India, and Turkey.