Mongolia's central bank buys 8.3 tons of gold
The bank's gold purchase is expected to grow as the three-month peak season for gold mining starts in August.
The Bank of Mongolia said that it had purchased 8.3 tons of gold from legal entities and individuals by July 20 this year, up 14 percent year on year. As of now, the central bank's average gold purchase price was 97.09 tugrugs (4 cents) per gram, corresponding to a low rate on London Metal Exchange, according to experts from the Apex bank. To encourage gold miners and individuals to sell gold to it and commercial banks, the central bank has carried out a number of measures, including a five-month campaign, "National Gold to the Fund of Treasures", started in May. The bank's gold purchase is expected to grow as the three-month peak season for gold mining starts in August. Gold miners submitted 20.01 tons to the central bank in 2017, worth over 800 million U.S. dollars. The annual gold production has remained below 21 tons since 2005 when Mongolia reached its record high at 25 tons.
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