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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] The Bank of Korea (BOK) has not purchased additional gold since 2013, contrasting sharply with other major central banks that have been actively buying gold as international prices soar. Consequently, South Korea’s ranking in global central bank gold holdings has fallen sharply from 34th to 41st over the past five years.
According to the World Gold Council, BOK’s gold reserves stood at 104.4 tons at the end of 2025, ranking 39th among central banks worldwide. Including entities not classified as national central banks, such as the International Monetary Fund (IMF, 3rd) and the European Central Bank (ECB, 14th), South Korea’s position drops to 41st.
Gold accounts for only 3.2% of the BOK’s total foreign exchange reserves, placing it among the lowest globally, ahead of only Hong Kong (0.1%) and Colombia (1.0%). Nevertheless, South Korea’s total foreign exchange reserves amounted to $430.7 billion as of November 2025, ranking ninth globally.
While other nations have significantly increased their gold holdings—Poland added 95.1 tons, Kazakhstan 49 tons, and Brazil 42.8 tons in 2025 alone—BOK has maintained a cautious stance, citing gold’s low liquidity and high price volatility. The World Gold Council noted that central banks worldwide accumulated over 1,000 tons of gold annually over the past three years, far exceeding the previous decade’s average of 400–500 tons per year.
The BOK has defended its strategy, stating that other central banks’ gold purchases are often driven by political or geopolitical risks, and do not reflect standard reserve management practices. Heightened geopolitical tensions, U.S. financial sanctions, and increased tariffs have contributed to global central banks seeking gold as a hedge against currency and geopolitical risk.
As of the end of 2025, the countries with the largest gold reserves were the United States (8,133.5 tons), Germany (3,350.3 tons), Italy (2,451.9 tons), France (2,437.0 tons), and Russia (2,326.5 tons).
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
