Arab Today, arab today south korean central bank buys more gold in february
Last Updated : GMT 14:16:47
Arab Today, arab today
Arab Today, arab today

South Korean central bank buys more gold in February

Arab Today, arab today

Arab Today, arab today South Korean central bank buys more gold in February

Seoul - YONHAP

South Korea\'s central bank said Wednesday it increased its holding of gold in three months in February in a bid to diversify the portfolio of its foreign exchange reserves worth more than US$320 billion. The Bank of Korea (BOK) said it bought 20 tons of gold, raising the central bank\'s gold holdings to 104.4 tons valued at US$4.79 billion as of end-February. The move marked the BOK\'s fifth purchase of the yellow metal since July 2011 when the bank bought gold for the first time in 13 years. It also bought gold in November 2011, July and November 2012. \"As the gold purchase aims to diversify the foreign exchange portfolio over the long haul, gold prices\' short-term volatility have not been considered,\" said Lee Jung, the head of the BOK\'s investment strategy team. Lee declined to comment on the purchasing prices and future buying plans, citing the possible impact his statements might have on the market. The BOK\'s move came as the economic slowdown and quantitative easing by advanced economies make gold attractive as a safe asset. But its volatile prices are seen as an investment risk, indicated by the recent trend that gold prices fell around 12 percent as of end-February from their record high of near $1,800 per ounce in October 2012. The BOK estimated that its additional purchase would put South Korea at the 34th spot in the world in terms of gold holdings, up from 36th at the end of 2012. The central bank has been making efforts to diversify its foreign reserves by reducing the weight of its U.S. dollar-denominated assets. Gold bullion accounted for 1.5 percent of the total reserves as of end-February, up from 1.1 percent the previous month. Despite the gold purchase, South Korea\'s foreign reserves declined last month from a record high of $328.91 billion in January, the first fall since May 2012. The foreign reserves stood at $327.4 billion as of the end of February, down $1.51 billion from the previous month as a strong U.S. dollar drove down the conversion value of non-dollar assets, the BOK said. Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, special drawing rights and gold bullion. The euro fell 3.2 percent to the dollar last month while the British pound depreciated 4 percent per the greenback, it added. As of the end of January, South Korea was the world\'s seventh-largest holder of foreign exchange reserves.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean central bank buys more gold in february Arab Today, arab today south korean central bank buys more gold in february

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 16:11 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 16:08 2017 Thursday ,23 February

BHB holds VAT seminar

GMT 13:40 2017 Thursday ,23 February

Muscat Securities Market loses 17 points

GMT 13:18 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 05:51 2017 Thursday ,23 February

Saudi stocks edge up as Brent futures rebound

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday