The National Bank has started buying gold at a lower price, 7,000 KGS less per ounce

By the end of the week, the National Bank of Kyrgyzstan had begun buying back standard-weight gold bars from the public at a lower price. Over the course of five days, the buy-back price per ounce of gold fell by 7,150.5 KGS.

Whilst on 21 September the National Bank of Kyrgyzstan was prepared to buy back an ounce for 382,384 KGS, by 25 September the price had fallen to 375,233.5 KGS. This represented a fall of 1.87 per cent.

The sharpest decline occurred on 24 September. On that day, the buy-back price fell by almost 4,000 KGS. Following a slight rise on 23 September, the price continued to fall and by Friday had reached its lowest point for the period under review.

Meanwhile, the selling price per ounce remained unchanged throughout the week at 388,276.5 KGS. As a result, the difference between the price at which the National Bank sells a gold bar and the price at which it is prepared to buy it back more than doubled, rising from 5,892.5 KGS at the start of the week to 13,043 KGS by the end.

Consequently, an owner of an ounce of gold who decided to sell their bullion to the National Bank on Friday would have received 7,100 KGS less than they would have on Monday. For the buyer, the price remained the same; however, the terms for resale became less favourable over the course of the week.

The quoted prices reflect the NBKR’s prices for standardised bars and may differ from the global price of gold, taking into account the costs of bar production, packaging and other associated expenses.