Bank of Korea Just Bought Gold After 13 Years: Is a New Rally Coming?
The Bank of Korea will buy physical gold again after 13 years. Central banks bought 289 tonnes in the second quarter, their strongest second quarter on record.
Gold traded near $4,086 an ounce on Tuesday, up 0.8%. It sits 27% below its January record. It is still up about 20% on the year.
Korea Gold Purchases Resume After 13 Years
Seoul stopped buying gold in 2013. It was mocked for the timing. The bank bought 90 tonnes between 2011 and 2013, at an average $1,629 an ounce. That came to about $4.7 billion, figures from Korea Economic Daily show.
Then gold fell apart. The price had peaked at $1,920.30 in September 2011. By June 2013 it hit $1,180.71, a drop of 38.5%. That year was gold's worst since 1981.
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