The nation's holdings now stand at 39.4 tons as augmented by the most recent acquisition, which occurred during June and July. This purchase is South Korea's first purchase of gold in more than 10 years.
"This news reiterates the fundamental view that most investors, asset managers, and even central banks hold true – that gold remains the quintessential currency hedge, a stabilizing asset for portfolios, and a safe haven in uncertain economic times," metals trading director David Meger of futures broker Vision Financial Markets in Chicago told the wire service.
At 4:58 a.m. on Tuesday, gold futures were up 0.38 percent, a $6.20 rise to $1,627.90 per troy ounce.
The climb represents a bounce-back for the precious metal, which dipped in value on Monday as a result of lawmakers in Washington voting on a plan to increase the debt ceiling and prevent a default, MarketWatch reports. The U.S.' intact credit rating of AAA is subject to a review and possibly a downgrade by rating services as a result of the turmoil that came with the vote.
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