According to CoinMeta, the Bank of Korea stated on Monday that it will cooperate with ls mnm companies, the Korean Exchange ( KRX ), and the Korean Securities Depository and Clearing Corporation ( KSD ) to purchase gold produced domestically for the first time in 13 years through over-the-counter trading. Due to increasing geopolitical risks, South Korea needs to diversify its foreign exchange reserves. ls mnm and the Korean Zinc Company produce about 40 to 45 tons of gold annually from smelting by-products, of which approximately 10% is used for export. The central bank said that bulk transactions will be arranged after prior consultations on price and quantity to limit the impact on domestic gold prices and reduce foreign exchange risks. In addition, the central bank also mentioned that it had purchased a small amount of gold in the second quarter. As of July, its gold holdings remained unchanged at 104.4 tons, while South Korea's foreign exchange reserves at the end of June were 427.36 billion US dollars, of which 4.79 billion US dollars were in gold reserves.