According to the Seoul Economic Daily, the Bank of Korea has restarted its physical gold purchase program after 13 years, establishing a cooperation framework with the Korea Exchange (KRX), the Korea Securities Depository (KSD), and LS MnM to purchase gold planned for export by Korean gold producers. The Bank of Korea purchased a total of 90 tons of gold between 2011 and 2013. As of the end of June, the Bank of Korea's foreign exchange reserves amounted to $427.36 billion, of which gold reserves were worth approximately $4.79 billion, accounting for 1.1%. The annual gold production in South Korea is about 40 to 45 tons, of which about 4 to 5 tons can be exported. The Bank of Korea expects that the future procurement scale will not be too large.
