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Korean Central Bank Plans Purchase of Domestically Produced Gold

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The Korean central bank will buy locally produced gold, according to a Monday statement.

The Bank of Korea has created a cooperation framework with domestic gold producers, the Korea Exchange and the Korea Securities Depository to support the effort.

The move allows the central bank to diversify its gold procurement channels aside from current purchasing methods.

The central bank also looks to expand gold holdings in the mid-to-long term, mix gold storage locations, and expand foreign exchange reserves with the effort.

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