The Central Bank of Mongolia has revealed that it acquired 3.4 tons of gold (equivalent to more than 108 thousand ounces) from prospectors and gold mining companies during January-March 2024. This disclosure was made in statements issued by the regulator’s press service on Tuesday.
Gold procurement stands as a vital strategy for bolstering Mongolia’s gold and foreign exchange reserves, serving as a key instrument for the Central Bank.
As of March, the Central Bank’s gold purchasing rate stood at $69.1 per gram, reflecting a modest valuation in alignment with rates observed on the London Metal Exchange.
The current gold and foreign exchange reserves of Mongolia tally to $5.2 billion, according to figures from the Central Bank.
In 2023, the Mongolian Central Bank amassed a total of 17.8 tons of gold through similar acquisitions, underscoring the ongoing efforts to fortify the country’s financial reserves.
