Analytics

Gold prices are testing a new low. Now it is necessary to closely monitor the reaction of financial markets to the Fed's statement on monetary policy. On Wednesday, September 22, representatives of the US central bank announced that in November a plan will be announced to reduce monthly bond purchases.

The results of the past week: prices for yellow metal decreased amid rising yields of US government bonds and an increase in investor interest in risk assets, despite news of a possible default by the largest Chinese developer Evergrande Group.

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In early September, the yellow metal fell to $1803 per troy ounce. After the first week, precious metal quotes strengthened at $1836. Consequently, in just five days, the yellow metal rose to its highest level since mid-June.

On August 20, the Mint published a financial report for the second quarter of this year.

Four months after US President Joseph Biden announced a decision to withdraw the US military from Afghanistan, the Taliban seized power in this country. The Taliban's active offensive against Afghan government troops began in May 2021. President Ashraf Ghani fled the country.

In 2021, it marked 50 years since the closure of the Bretton Woods system. On August 15, 1971, US President Richard Nixon announced the abolition of direct international convertibility of the dollar into gold.

The production of yellow metal at the first mining enterprise in the Kingdom officially began on June 21 of this year. The industrial mine is located in the province of Mondolkiri.

In the first quarter of 2021, the main financial regulators acquired 333.2 tons of gold, which is 39% more than the average over the past 5 years. In the second quarter, they bought almost 200 tons of precious metal. Most of all, the gold reserve increased in Thailand, Hungary and Brazil: in general, by 214 tons.

According to the press service of the Bank of Mongolia, precious metal is purchased from legal entities and individuals. The volume of gold reserves in the country increased to 10.62 tons in July 2021. In February of this year, it amounted to 8.16 tons.