Kazakhstan is placed seventh on the list of nations most actively expanding their gold reserves. A review of the 10-year period from 2013 to 2023 reveals that Kazakhstan boosted its gold reserves by 151 tons, placing it in seventh place worldwide, reported Pylyp Travkin from Enertus AG on Oct. 9.
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Russia claimed the top spot with an increase of 1,298 tons, followed by China in second place with 1,181 tons, and Türkiye in third, adding 424 tons. Poland came next with 256 tons, followed by India with 246 tons, and Uzbekistan with 154 tons. After Kazakhstan were Singapore (103 tons), Iraq (100 tons), and Thailand (92 tons).
According to the 2024 Central Bank Gold Reserves Survey by the World Gold Council, the demand for gold is driven by the complex geopolitical situation and financial environment.
In 2023, central banks added 1,037 tons of gold – the second highest annual purchase in history – following a record high of 1,082 tons in 2022.
Following these record numbers, central banks continue to view gold favorably as a reserve asset. According to the survey, conducted from Feb. 19 to April 30, with 70 participants, 29% of central banks plan to increase their gold reserves in the next 12 months. This is the highest percentage recorded since the survey began in 2018.
“The planned purchases are chiefly motivated by a desire to rebalance to a more preferred strategic level of gold holdings, domestic gold production, and financial market concerns including higher crisis risks and rising inflation,” said in the survey.
Since the beginning of the year, gold prices in Kazakhstan have risen significantly showing a 31% increase.
As reported by the National Bank, the price of one gram of gold reached 39,889 tenge (US$81.76) as of Sept. 20, compared to 30,323 tenge (US$62.16) at the beginning of the year. December futures also showed positive growth, increasing by 0.35% to $2,623 per ounce.