Gold has emerged as one of the safest assets as uncertainties mount in the global economy.

Following other countries eager to buy gold, Korea has joined the move to diversify foreign exchange reserves, becoming 40th in the global ranking in terms of gold holdings.

Korea’s gold holdings amounted to 70.4 tons, valued at $2.98 billion, as of the end of August, accounting for 0.9 percent of the country’s total foreign reserves of $316.88 billion, the World Gold Council said.

In June 2011, Korea’s central bank resumed its purchase of gold for the first time in 13 years to brace for the eurozone debt crisis.

The latest purchase of gold, which was made in July this year, amounted to 16 tons.

The United States was the world’s largest gold holder with 8,133.5 tons, followed by Germany with 3,395.5 tons and the International Monetary Fund with 2,814 tons, the data showed.

By Park Min-young (claire@heraldcorp.com)