Bank of Korea raises gold holdings as central banks boost buying

The Bank of Korea increased gold reserves 20 per cent last month to diversify investments, boosting holdings for the fourth time since June 2011 and underscoring increased demand for the metal by central banks.

The bank added 14 tonnes in November, bringing the total to 84.4 tonnes, the bank said. By value, holdings gained about US$780 million to US$3.76 billion, equivalent to 1.2 per cent of total reserves, the central bank said.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1098036/bank-korea-raises-gold-holdings-central-banks-boost