The Bank of Mongolia purchased 682 kilograms of gold from January 1 to 11, an increase of 130 percent in purchases compared to the same period in 2017.
The price of gold on the London Metal Exchange has been rising since the beginning of 2018. The BoM set its purchasing price at 102,000 to 103,000 MNT per gram.
BoM officials say gold purchases have increased due to consistently rising gold prices. In 2017, the BoM purchased 20.01 tons of gold. Under the Alt 2 campaign, the BoM plans to purchase 25 tons of gold each year.