Mongolbank improves terms of purchasing goldEconomy
Ulaanbaatar /MONTSAME/ The Central Bank of Mongolia has resolved to fix the price for gold to be purchased on the domestic market at the latest fixed prices of London Gold Fix.
Before that, Mongol bank had bought gold on the domestic market at latest announced prices at the London bullion market, but after deducting a certain sum from each ounce.
As a result of the decison made in consideration of the current trends on global financial markets and domestic market, the Central Bank is forming more favorable environment for gold miners, sellers and individuals to sell their gold.
The London Gold Fix involves gold dealers from London's five biggest bullion banks establishing a common transaction price for a large pool of purchase and sale orders.
The participating bullion banks will be acting both on their own behalf and for those customers of theirs who have issued limit orders for them to trade at the London Gold Fix price. No-one knows what the Gold Fix will be before it is declared.
The Gold Fix establishes the price at which the gross amount of gold on buy orders matches the gross amount of gold on sell orders - across all the participating banks.