Mongolia's central bank has purchased 3.2 tons of gold so far this year
The Bank of Mongolia announced it purchased over 3.2 tons of gold from legal entities and individuals in the first four months of the year.
The Bank of Mongolia announced it purchased over 3.2 tons of gold from legal entities and individuals in the first four months of the year. This marked a rise of around 260 kg from the same period last year. As of April, the central bank's average gold price was around 102 MNT, around 42.5 USD per gram, which corresponds to a low rate on the London Metal Exchange, according to the Bank of Mongolia. It is expected that the gold purchase will increase with the start of the peak of gold mining in August, September, and October. Miners in the country submitted over 20 tons of gold to the central bank in 2017, contributing 800 million dollars to the state budget. Annual gold production had not surpassed 20 tons since 2005 when it reached its record high of 25 tons.
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