In November 2024, the Central Bank of Mongolia acquired 1,689.5 kilograms (approximately 1.6 tons) of precious metals, contributing to a year-to-date total of 15.8 tons. This represents a slight decrease of 1.6% compared to the same period in 2023, reflecting fluctuations in both domestic gold supply and global market dynamics.
The purchases were facilitated through the Central Bank’s branches in Darkhan-Uul and Bayankhongor provinces, which bought 753.4 kg and 1,177.2 kg of precious metals, respectively. The Bank sets its purchase price in alignment with global market rates, with the average price for gold in November recorded at MNT 291,101.68 per gram.
This acquisition is part of Mongolia’s broader strategy to bolster its foreign exchange reserves and stabilize its financial system. Gold plays a critical role in enhancing economic resilience, especially in a mining-dependent economy like Mongolia, where it serves as both a hedge against currency fluctuations and a key export commodity. Since 2020, the Central Bank has increased its gold purchases to support these aims and stimulate domestic mining production by providing a reliable market for local miners.
With the current global economic environment, Mongolia’s steady focus on precious metal acquisitions underscores its efforts to navigate financial challenges and sustain growth amid fluctuating commodity prices
