Bank of Korea prepares first physical gold purchase since 2013

Bank of Korea will buy domestically produced gold as part of a gradual effort to diversify its foreign reserves amid heightened geopolitical risks.

SEOUL, Aug 3 : South Korea's central bank will buy gold from local producers to diversify its sources of supply and increase its holdings of the precious metal, it said on Monday. The Bank of Korea said it has established a framework for domestic gold purchases with local producers, Korea Exchange and Korea Securities

Amhara delivered 357kg of gold to the National Bank of Ethiopia for the first time, after a crackdown that seized 133,500 cubic metres of illegal minerals.

[ENA] Addis Ababa -- The Amhara National Regional State supplied 357 kilograms of gold to the National Bank of Ethiopia (NBE) for the first time during the 2018 Ethiopian fiscal year.

Central banks bought far less gold at the start of the year than previously thought, and while demand has since rebounded, their purchases are expected to decline this year, according to the World Gold Council. Central banks only bought 57 tons in the first quarter, 187 tons less than previously thought, the industry g