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Bank of Korea to buy local gold
The Bank of Korea announced its intention to purchase gold from domestic producers in order to diversify supply sources and increase its gold reserves. The purchases will be conducted at global market prices through trading and payment systems in cooperation with the Korea Exchange and the Korean Securities Depository. The spot gold price declined to $4,030.21 per ounce, while futures contracts fell to $4,085.95. Despite this, Deutsche Bank’s outlook suggests that the fair value of gold could rise to around $4,700 per ounce by the end of the year, with the upward trend in prices continuing.
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