South Korea's central bank buys almost $1 billion in Gold Bullion

South Korea's central bank said on Thursday it bought 16 tonnes of gold in July, its second gold purchase in less than a year, boosting its total gold holdings to 70.4 tonnes as it aims to diversify its foreign reserves.

The total value of the purchase, made on multiple occasions during July, was $810 million, slightly less than $850 million it spent buying 15 tonnes of gold in November last year, the Bank of Korea in a statement.

A central bank official told reporters the purchases were made sporadically throughout the month in London, but declined to provide the exact net purchase price per ounce it paid for the bullion, typical of most central banks.

Gold accounted for 0.9 percent of South Korea's total foreign reserves in value at the end of July, up from 0.7 percent a month earlier, the central bank said, adding the total book value of its gold holdings was at $3.0 billion.

The South Korean central bank said it now ranked 40th in the world in gold holdings at the end of July, up from 43rd in June. 

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