The Bank of Korea (BOK) announced the resumption of its gold purchase program, aiming to increase the proportion of gold in its foreign exchange reserves over the medium to long term. It will also introduce a new channel for procuring gold for export from domestic gold producers. The bank has also started purchasing U.S. gold-backed exchange-traded funds (ETFs).

This gold purchase ends a 13-year hiatus since February 2013. Jeong Hee-seop, head of the BOK's foreign exchange reserves management department, stated that rising geopolitical risks have heightened market attention on gold's safe-haven properties. Additionally, with gold prices having retreated from a high of $2,050 per troy ounce to $1,640, price pressure has eased. The bank determined it was necessary to expand its gold holdings. Currently, the BOK holds 104.4 tons of gold, accounting for 3.5% of its foreign exchange reserves, ranking 98th among 100 countries, which is inconsistent with its 13th largest foreign exchange reserves globally. This move also aligns with the global trend of central banks increasing gold holdings to reduce reliance on dollar-denominated assets.