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Exchange rate, production and fixing: what determines the price of gold in Kyrgyzstan?
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Published

01/14/2025, 10:48

Exchange rate, production and fixing: what determines the price of gold in Kyrgyzstan?

What determines the price of gold in Kyrgyzstan? A question that concerns those interested in gold investments or the jewelry industry. The prices for gold bars are published daily by the National Bank, but what does this price consist of? Let’s take a closer look.

What determines the price of gold bars?

The buy-sell price of gold bars is set daily in the national currency and is posted on the main page of the official website of the National Bank and in the "Gold Bars" section.

The price of one gold bar is formed from several key components:

  • World gold price. The base price is determined by the data from the London Bullion Market Association (LBMA), which is updated based on the results of the evening fixing.
  • Currency exchange rate. The conversion is made into the national currency based on the official exchange rate to the US dollar.
  • Production costs. These expenses include the cost of packaging, transportation, insurance, taxes and customs duties. This approach ensures that the price is as objective and market-based as possible.

Refined gold: quality guaranteed by the state

The National Bank not only sells, but also purchases gold mined in the Kyrgyz Republic. According to the Law on Precious Metals and Stones, the state has the priority right to purchase refined gold. This ensures transparency in transactions and stimulates the development of the mining industry. The purchase price is set based on world prices, minus the upcoming transportation and selling costs.

Since 2022, the National Bank of the Kyrgyz Republic has actively promoted refined gold bars. Manufactured by OJSC "Kyrgyzaltyn", these bars, weighing from 10.9 to 13.4 kilograms, meet strict quality standards and are accompanied by certificates confirming their origin and purity.

What does the price of refined gold bars depend on?

As with gold bars, the price of refined gold is based on the evening fixing of the LBMA. This data is converted into KG som based on the current exchange rate of the US dollar. This process ensures that the price of gold aligns with global standards.

At the same time, there is a limit on sales — no more than five bars per day. This helps ensure an even distribution of gold bars.

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