Bank of Korea buys $250 million in SPDR Gold Shares ETF
Business
For the first time since 2013, the Bank of Korea (BOK) is investing in gold, but instead of stacking up bars, it bought about $250 million worth of shares in SPDR Gold Shares, a major gold-backed ETF.
This move follows a global trend where central banks are leaning on gold to protect against economic uncertainty and world events.
BOK picks ETFs, eyes Korean gold
Rather than buying physical gold, BOK picked ETFs for their flexibility and ease of trading, so its actual stash of gold bars hasn't changed since 2013.
Looking ahead, BOK says it wants to start buying gold refined in South Korea too, aiming to mix things up in its reserves and keep options open for the future.