The Central Bank of Mongolia or Mongol Bank purchased 1.7 tonnes of precious metals from individuals and enterprises in May. The Bank’s purchase has reached 8.5 tonnes of precious metals – 6.8 tonnes being  gold – since 1 January. This represents an increase of 4.3 tonnes on last year.

In April, the Bank purchased 1.4 tonnes of precious metals from individuals and enterprises; an increase of 66 percent or 4.4 tonnes on the previous year.

The average gold price announced by the Central Bank of Mongolia has risen to MNT 154,048.51 per gram.

Mongolia closed its borders with Russia and China in early March in order to prevent the coronavirus pandemic.