Bank of Mongolia Purchases 2,829 kg of Precious Metals in October

Ulaanbaatar, November 6, 2025 /MONTSAME/. The Bank of Mongolia reported that 2,829 kilograms of precious metals were purchased in October 2025, marking a cumulative increase of 12.7 tonnes since the start of the year.

The Bank of Mongolia’s Darkhan-Uul aimag branch purchased 722.6 kilograms of precious metals in October, while the Bayankhongor aimag branch acquired 1,532.9 kilograms. Combined, this marks a 10.3 percent decline compared to the same period last year.

The Bank of Mongolia sets the domestic purchase prices for precious metals based on global market rates. In October 2025, the average price of gold stood at MNT 466,000 per gram.

Economists note that fluctuations in global gold prices, domestic mining output, and currency exchange rates have impacted the volume of gold purchased. Notably, 2020 recorded the highest annual gold acquisition in the past six years.

Gold acquisitions remain a key element of Mongolia’s strategy to strengthen its official foreign exchange reserves. The Bank of Mongolia sources gold from domestic mining companies, organizations, and individuals, then exports it to foreign institutions for refining to international standards and monetization – ultimately expanding the country’s foreign currency reserves.