South Korea follows through on gold purchase plans

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South Korea bought $1.24 billion worth of gold in July, bringing the country's total gold reserve to a value of $1.32 billion.

The move comes nine months after the Bank of Korea governor, Kim Choongsoo, hinted that the central bank was considering expanding the share of gold in its reserves.

"This is a very significant step," said George Milling-Stanley, the managing director of government affairs at the World Gold Council. "They have bought very small quantities from time to time over the last

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