Mongolia's Central Bank Purchases 3.4 Tons of Gold in Q1

The Bank of Mongolia's average gold purchase price was 233,478 Mongolian tugriks (about 69 U.S. dollars) per gram as of March, the bank said in a statement.

Purchasing gold is one of the key ways for the central bank to ensure the country's economic stability by consistently increasing foreign exchange reserves, said the bank.

Mongolia's forex reserves stood at 5.016 billion dollars in the middle of last month, exceeding 5 billion dollars for the first time, according to the central bank.

Central banks worldwide typically hold gold as part of their foreign exchange reserves.

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