Bank Of Korea Gold Buy Very Bullish For Bullion Market -Analysts

The Bank of Korea's move to boost its gold reserves last
month is yet another bullish flag for the bullion market and should help to
provide underlying support to world gold prices, analysts and traders said
Friday.
South Korea's central bank bought 15 metric tons of gold from the London gold
market in several batches last month, taking its total reserves to 54.4 tons as
of the end of November.
Lee Jung, head of the BOK's reserve-investment strategy team, said the
purchases were intended to help mitigate risks amid volatility in global
financial markets, and "enhance investor confidence in Korea in times of
crises."
Market analysts said that while the gold price is taking direction from the
wider markets at present, the news is very gold-positive in the long term. "It
is very significant...[particularly as] the Bank of Korea is quoted as saying
'we plan to buy and hold gold [bullion] over the long run,' which suggests
there is more to come," Mitsubishi Corporation precious metals strategist
Matthew Turner said.