Korea labels gold rush illusory


The head of the reserves management department at the Bank of Korea on Monday sought to downplay the significance of gold to central banks, suggesting recent record highs off the back of official sector demand were unjustified.

"There's an illusion in gold," Lee Eung Baek, the head of the central bank's reserve-management department told Bloomberg, a news agency. "We follow the big trend. Gold isn't the trend. Out of more than 200 nations, how many countries have bought bullion?" He added that g

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