The Bank of Korea added 20 metric tons in February, raising its gold reserves by 24 percent to 104.4 tons. Russia and Kazakhstan expanded bullion reserves for a fourth straight month in January. Gold for immediate delivery has fallen 5.9 percent this year, making it the worst-performing precious metal. It touched $1,555.55 on Feb. 21, lowest level since July, and traded 0.1 percent higher at $1,577.32 at 4:55 p.m. in Seoul. Central banks increased gold buying 17 percent to 534.6 tons last year, according to London-based World Gold Council. Russia boosted holdings by 12.2 tons to 970 tons in January after gaining 8.5 percent over 2012, according to International Monetary Fund data. Kazakhstan's hoard rose 1.5 tons to 116.8 tons, following last year's 41 percent expansion. The Seoul-based central bank's latest purchases are its fifth round of buying since June 2011. Bullion reserves rose by 30 tons in 2012 and 40 tons in 2011. "The Bank of Korea's gold buying is part of the long-term diversification of currencies and assets in foreign-exchange reserves," it said in the statement. "It is of no great importance to try to gauge if it's profitable or not based on short-term price swings." More info: http://www.bloomberg.com/news/2013-...campaign=APR+2013+Newsletter&utm_medium=email
