ULAN BATOR, Aug. 1 (Xinhua) -- The Bank of Mongolia said Wednesday that it has purchased 9.34 tons of gold from legal entities and individuals in the first 7 months of this year, up 4 percent year on year.
As of July, the central bank's average gold purchase price was 97,833 tugrik (around 39 U.S. dollars) per gram.
To encourage gold miners and individuals to sell gold to it and commercial banks, the central bank has carried out a number of measures, including a five-month campaign called "National Gold to the Fund of Treasures," started in May.
The bank's gold purchase is expected to grow due to the start of the peak season for gold mining. The peak season usually begins in August and ends in October.
Miners submitted 20.01 tons of gold to the central bank in 2017, worth over 800 million U.S. dollars.
Mongolia's annual gold production has remained below 21 tons since 2005, when it reached a record high at 25 tons.
