S. Korea ranks 43rd in gold reserves

South Korea ranks 43rd in gold holdings, 13 notches higher from a year earlier, but its reserves remain relatively small compared with other nations, data showed Thursday.

South Korea's gold holdings came to 54.4 tons as of July this year, the 43rd largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.

South Korea's gold holdings have been unchanged since the second quarter of 2009. But the country's central bank purchased some 40 tons of gold last year as part of efforts to diversify its asset management amid increased economic uncertainties.

The country's gold reserves were worth $2.17 billion, or 0.7 percent of the nation's foreign reserves.

The United States holds 8,133.5 tons of gold, the largest among those surveyed. Germany came next with 3,396.3 tons of gold, followed by the International Monetary Fund and Italy with 2,814 tons and 2,451.8 tons, respectively.

Each nation has been stepping up purchases of gold since 2008 as they see the metal as a safe investment vehicle and bet that gold will be the best-performing asset down the road amid economic turbulence. (Yonhap News)