Why is BOK buying gold again?

After more than a decade, the Bank of Korea is back on a gold-buying spree, raising its exposure to the precious metal as it joins central banks around the world in diversifying their foreign reserves. According to the BOK, the central bank currently holds 104.4 metric tons of gold, valued at $4.79 billion, or 1.1 percent of its total foreign exchange reserves of $427.36 billion at end-June. The…