"The Bank of Mongolia, which bought 20.01 tons of gold last year, has set a goal to increase its gold purchases by at least 10 percent this year. But it is now expected that the bank will fail to achieve its goal due to several factors, including a low rate on the London Metal Exchange," the bank's spokesperson Ariun Dagva told Xinhua on Tuesday, adding that the three-month peak season for gold mining in the country ended in October.

"Our experts now expect that the volume of gold purchases will reach 21 tons by end of this year," Ariun said.

As of mid-December, the Bank of Mongolia purchased 20 tons of gold from legal entities and individuals, up 3 percent compared with the same period last year, she said.

The country's annual gold production has remained below 21 tons since 2005 when it reached its record high of 25 tons