Gold heads for biggest weekly gain in five after Korean purchase
World BusinessDec 3, 2011
Gold rose in New York, heading for the biggest weekly advance in five, on speculation central banks may increase holdings after South Korea bought bullion to diversify assets. The Bank of Korea, owner of the world's eighth-biggest foreign-exchange reserves, purchased 15 metric tons of gold last month, said Lee Jung, head of its investment-strategy team. Gold has climbed 24 percent this year in N...