ID :
196179
Thu, 07/21/2011 - 06:52
Auther :
Shortlink :
https://oananews.org//node/196179
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S. Korea ranks 56th in gold reserves
SEOUL, July 21 (Yonhap) -- South Korea ranked 56th in terms of gold holdings, one notch higher from a year earlier, but its reserves remained relatively small compared with other nations, data showed Thursday.
South Korea's gold holdings came to 14.4 tons as of July this year, the 56th largest among 113 countries and organizations surveyed by the World Gold Council (WGC), an international body that offers key information about gold.
Korea's gold holdings have been unchanged since the second quarter of 2009. They were worth US$667.9 million, or 0.2 percent of the nation's foreign reserves, which is relatively smaller than other nations, the data showed.
The United States holds 8,133.5 tons of gold, the largest among those surveyed. Germany came next with 3,401 tons of gold, followed by the International Monetary Fund and Italy with 2,814 tons and 2,451.8 tons, respectively.
The data comes as international gold prices have been surging on the belief that it is the safest investment asset while economic uncertainties remain high.
Each nation also has been stepping up purchases of gold since 2008 as they see the metal as a safe investment vehicle and bet that gold will be the best-performing asset down the road amid economic turbulence.
Gold prices in South Korea have also remained very high. The retail price of 3.75 grams of pure gold surged to a record high of 218,350 won ($206) on Monday, up 550 won from Saturday's quotation, according to the Korea Gold Exchange.
South Korea's gold holdings came to 14.4 tons as of July this year, the 56th largest among 113 countries and organizations surveyed by the World Gold Council (WGC), an international body that offers key information about gold.
Korea's gold holdings have been unchanged since the second quarter of 2009. They were worth US$667.9 million, or 0.2 percent of the nation's foreign reserves, which is relatively smaller than other nations, the data showed.
The United States holds 8,133.5 tons of gold, the largest among those surveyed. Germany came next with 3,401 tons of gold, followed by the International Monetary Fund and Italy with 2,814 tons and 2,451.8 tons, respectively.
The data comes as international gold prices have been surging on the belief that it is the safest investment asset while economic uncertainties remain high.
Each nation also has been stepping up purchases of gold since 2008 as they see the metal as a safe investment vehicle and bet that gold will be the best-performing asset down the road amid economic turbulence.
Gold prices in South Korea have also remained very high. The retail price of 3.75 grams of pure gold surged to a record high of 218,350 won ($206) on Monday, up 550 won from Saturday's quotation, according to the Korea Gold Exchange.
