[South Korea's Central Bank Purchases Refined Gold Bars for the First Time in 13 Years] BlockBeats News, August 3: On Monday, South Korea's central bank announced that it will collaborate with LS MnM, the Korea Exchange (KRX), and the Korea Securities Depository (KSD) to purchase domestically produced gold through over-the-counter transactions for the first time in 13 years. This move comes as heightened geopolitical risks have increased the necessity for South Korea to diversify its foreign exchange reserves. LS MnM and Korea Zinc produce approximately 40 to 45 tons of gold annually as by-products of smelting, about 10% of which is exported. The central bank stated that if relevant companies submit applications, it will consider using the Korea Exchange's (KRX) trading and settlement system, as well as storage facilities currently being prepared by the Korea Securities Depository (KSD), to purchase a portion of the gold intended for export. The central bank noted that bulk transactions will be arranged after prior negotiations on price and quantity to minimize the impact on domestic gold prices. Additionally, the new channels are expected to reduce foreign exchange risks, as previous overseas purchases were all paid in U.S. dollars. Furthermore, the central bank revealed that it had purchased a small amount of gold ETFs in the second quarter. As of July, its gold holdings remained unchanged at 104.4 tons, while South Korea's foreign exchange reserves stood at $427.36 billion at the end of June, including $4.79 billion in gold reserves. (Source: Jin10)