Bank of Korea holds one of the world’s smallest official gold reserves relative to its economy and total foreign exchange holdings. As of early 2026, the BOK’s gold stock remains unchanged at 104.4 tonnes since 2013, valued at roughly $8–9 billion at current market prices. This represents less than 1% of South Korea’s approximately $420–$430 billion in total foreign reserves—one of the lowest ratios among major economies—and places the country outside the top 30 central banks by gold volume, far behind neighbors like China, Japan, and India.
Historically, South Korea has relied heavily on US dollar-based reserves rather than gold for liquidity and balance-of-payments defense, a strategy shaped by its post-war economic model and the dollar’s continued dominance as the global reserve currency. The Bank of Korea and the Ministry of Economy and Finance have consistently stated there is no urgent need to increase gold holdings, citing sufficient dollar assets, strong export performance, and the effectiveness of the current reserve composition.
In recent years, however, a growing debate has emerged among Korean economists, conservative lawmakers, and some analysts who argue for modest gold purchases to diversify reserves. They point to rising geopolitical risks, concerns over US dollar weaponization, and the global trend of central banks increasing gold holdings as hedges against uncertainty.
