The Bank of Korea (BOK) has kept its gold reserves unchanged for 13 years since 2013, ranking 39th among central banks worldwide. As of the end of 2025, it held 104.4 metric tons, down one spot from the previous year. Unlike global peers, South Korea maintains a cautious approach due to gold's low liquidity and price volatility.
The Bank of Korea (BOK) held 104.4 metric tons of gold at the end of 2025, placing it 39th among central banks worldwide. Including holdings by the International Monetary Fund (IMF) and the European Central Bank (ECB), South Korea's effective rank drops to 41st. This stagnation stems from no additional purchases since 2013, when it ranked 32nd; the position has since slipped to 33rd in 2018, 34th in 2021, 38th in 2024, and 39th last year.
The United States leads with 8,133.5 tons, followed by Germany at 3,350.3 tons, Italy with 2,451.9 tons, France at 2,437 tons, Russia with 2,326.5 tons, and China at 2,305.4 tons. South Korea's total foreign exchange reserves stood at $430.7 billion as of end-November, ranking ninth globally, but gold comprises just 3.2 percent of that total, near the bottom worldwide.
The BOK cites gold's low liquidity and high price volatility compared to assets like bonds and equities as reasons for its restraint. In contrast, the World Gold Council reported that central banks accumulated over 1,000 tons annually in the past three years amid geopolitical and economic uncertainty, surpassing the previous decade's average of about 500 tons.
This conservative policy supports stable forex management but highlights a divergence from global trends.
