The price of an ounce of gold in Kyrgyzstan has fallen by 8,400 KGS following a weekly high

The price of a standard gold bar weighing 31.1035 grams, equivalent to one troy ounce, had fallen to 407,718.5 KGS by the end of the week.

The highest price per ounce of gold was recorded on Tuesday, 25 August. On that day, the National Bank was selling ingots for 416,128.5 KGS. By Friday, the price had fallen by 8,410 KGS, or 2 per cent.

However, compared with the start of the week, the decline was less significant. On Monday, 24 August, an ounce cost 408,885.5 KGS. Thus, over five trading days, the price fell by 1,167 KGS, or 0.3 per cent.

Throughout the week, the price of a gold bar fluctuated significantly:

• 24 August — 408,885.5 KGS;
• 25 August – 416,128.5 KGS;
• 26 August – 411,846 KGS;
• 27 August – 413,270.5 KGS;
• 28 August – 407,718.5 KGS.

At the same time, the buy-back price per ounce of gold fell. At the start of the week, the National Bank was prepared to buy back such a bar for 402,843 KGS; on Tuesday, for 409,979 KGS; and by Friday, the price had fallen to 401,693 KGS.

The difference between the selling price and the buy-back price per ounce as at 28 August stood at 6,025.5 KGS. In other words, to make a profit after purchase, the price of gold must first make up for this difference.