Bank of Mongolia buys 734 kg of gold in March

The Bank of Mongolia reported that it bought 734 kg of gold in March 2018, bringing the total amount of gold purchased by the central bank since January to 2.3 tons, a 2.1 percent increase compared to the same period last year.

The comparatively low amount of gold purchased in the 1st quarter of 2018 has been attributed to mining companies delaying operations to clear sediment deposits. The average price of gold per gram has been set at 101,822 MNT due to lower prices on the London Metal Exchange. The BoM bought six tons of gold in 2013, 12.7 tons in 2014, 15.1 tons in 2015, 18.3 tons in 2016, and 20 tons in 2017.

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