BAKU, Azerbaijan, Nov. 9
Trend:
Deputy Chairman of the National Bank of Kazakhstan Aliya Moldabekova commented on the situation in the gold market and the state of the country's gold and foreign exchange assets, Trend reports referring to the National Bank.
“In October 2020, the gold price continued its downward trend and fell over the month from $1,883.4 to $1,875.8 per ounce, or by 0.4 percent. The main determining factor in the precious metals market was the uncertainty over the US elections,” said the deputy chairman.
“The decline in the price of gold had practically no effect on the gold portfolio of the National Bank of Kazakhstan, since it was offset by purchases of domestic gold as part of the exercise of the priority right. As of late October, the National Bank's gold portfolio amounted to $23.2 billion. However, according to preliminary data, gold and foreign exchange assets decreased by $ 200 million over the month and amounted to $ 33.6 billion at the end of October,” Moldabekova noted.
“The decrease in the gold and foreign exchange reserves was mainly due to the payment of state debt of about $90 million and the implementation of foreign exchange interventions in the amount of $91.3 million,” she added.