S. Korea buys 16 Tonnes of Gold in July

S. Korea adds 16 tonnes of gold to their Central Bank Reserves in July moving them to 40th in the world with 70.0 metric tons. Hong Kong will open it's 1000 Metric Ton Gold Vault in September at the international airport to meet rising demand from banks and the wealthy. A central bank official told reporters the purchases were made sporadically throughout the month in London, but declined to provide the exact net purchase price per ounce it paid for the bullion, typical of most central banks.