韩国央行时隔13年恢复购买国产实物黄金，但年度可购规模仅约4-5吨

The Bank of Korea (BOK) is moving to purchase physical gold for the first time in 13 years. The target is gold produced by domestic companies that is slated for export. Having begun buying gold exchange-traded funds (ETFs) from the second quarter of this year, the central bank has added a purchasing channel as part of efforts to expand its foreign exchange reserves. However, some point out that the effect will be limited, as Korea's domestic gold production base and export volumes are so small.
The BOK said on the 3rd that it had established a cooperative framework for purchasing domestically produced gold with the Korea Exchange, the Korea Securities Depository, and LS MnM, a domestic gold producer. Under the scheme, when a domestic producer requests the purchase of volumes slated for export overseas, the BOK decides whether to proceed with the transaction after considering domestic and international gold prices, market conditions, and its gold management plan. Transactions will use the negotiated block-trade mechanism of the Korea Exchange's gold market, with the Korea Securities Depository handling settlement and custody.
This measure carries significant weight in that the BOK has resumed physical gold purchases that it had halted after 2013. The BOK bought a total of 90 tons of gold, including 40 tons in 2011, 30 tons in 2012, and 20 tons in 2013. But gold prices subsequently plunged, resulting in valuation losses, and the central bank halted physical gold purchases after facing criticism that it had bought gold at the peak.
The BOK's decision to buy gold again comes as the need to diversify the composition of its foreign exchange reserve assets has grown amid recent moves by major central banks to increase their gold holdings. As of April, the BOK's gold holdings stood at 104.4 tons, or 3.5% of its foreign exchange reserves. Excluding the International Monetary Fund (IMF), this ranks around 40th in the world among countries and institutions, a wide gap from major nations such as the United States with 8,133.5 tons, Germany with 3,349.5 tons, and China with 2,331.5 tons. Opinions that Korea should increase its gold holdings to guard against the risk of a decline in the dollar's value have also been raised consistently.
Government tax support also backed this decision. The tax law amendment announced the same day by the Ministry of Economy and Finance included a provision exempting from value-added tax the gold bullion the BOK purchases in the Korea Exchange's physical gold market when it withdraws the bullion from the Korea Securities Depository. The amendment will apply to withdrawals made on or after January 1, 2027. The ministry cited "support for expanding the central bank's foreign exchange reserves" as the reason for the revision.
In response to suggestions that the purchases may be aimed at future price gains, given that gold prices have recently corrected, the BOK drew a line. Jung Hee-sub, head of the BOK's Reserve Management Group, said, "We did not decide the timing of purchases by looking at a specific price. When a company requests a purchase, we decide whether to proceed at that time based on domestic and international gold prices and market conditions."
The volume of domestic gold exports that will actually be subject to purchase is around 4-5 tons per year. Domestic gold production is 40-45 tons per year, but most of it is produced as a byproduct in the process of smelting copper, zinc, and other metals. Major producers include LS MnM and Korea Zinc. The BOK decided to purchase only volumes slated for export overseas so as not to generate additional demand in the domestic gold market.
The BOK has been preparing in earnest for gold investment by purchasing gold ETFs since the second quarter of this year. ETFs are classified as foreign currency securities and are not reflected in gold holdings, but purchasing domestically produced gold in the future could actually increase its physical gold holdings.
However, some point out that it is questionable how much practical effect purchasing domestically produced gold will have in terms of supporting domestic companies or expanding foreign exchange reserves. Domestic gold production and the volumes subject to purchase are small in themselves, and Korea's gold mining production base is weak. The structure also differs from cases in which overseas central banks buy their own gold. Countries such as the Philippines, Ecuador, Mongolia, and Zambia have their central banks directly purchase gold produced from gold mines, with the aim of also supporting the domestic gold production industry, such as by bringing small-scale mines into the formal system or making gold trading more transparent.
A senior financial industry official pointed out, "There is a need to examine what real benefit there is in bothering to include domestically produced gold, which has little effect on expanding foreign exchange reserves, as a purchase target," adding, "If it appears to the market that the BOK is buying gold with an eye on rising gold prices, there is a risk of stirring up unnecessary speculative sentiment."