GOLD BUYING PRICE TO BE SET AT USD2 LOWER THAN LONDON METAL EXCHANGE RATE


Beginning from January 1, 2018 the Bank of Mongolia (BoM) will set the gold buying price at the rate, reducing the latest gold price on London Metal Exchange (LME) by USD2, according to the Governor’s order of the Bank of Mongolia on December 4.
Bank of Mongolia is expected to buy 19.8 tons or approximately 20 tons of gold in 2017. It means an increase by 1.5 tons or 8 percent compared to 2016, which was 18.3 tons.

From the beginning of 2017 to December 21, the BoM purchased a total of 19.6 tons of gold and its 7.2 tons or 37 percent was bought from 117 entities and 12.4 tons or 63 percent from 216 individuals. BoM increased foreign exchange reserve by USD 692.1 million, refining 19.4 tons of gold in 2017.

In response to necessity to immediately increase foreign exchange reserve of Mongolia, from December 14, 2016 to December 31, 2017 the BoM determined gold buying price from domestic market following the latest LME rate.
Source: montsame.mn

December 26, 2017
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