Kazakhstan Becomes World’s Second-Largest Gold Buyer in June

The National Bank of Kazakhstan has resumed active gold purchases, ranking second globally in June and third overall since the start of 2025, Orda.kz reports.

According to the latest World Gold Council report, Kazakhstan trailed only neighboring Uzbekistan in state gold acquisitions for June. The National Bank bought seven tonnes, while Uzbekistan’s central bank acquired nine tonnes — despite selling around 19 tonnes over the year, as it mostly reduced reserves rather than increased them.

In the first half of 2025, Kazakhstan ranked third in total gold purchases, after Poland and Azerbaijan, with 22 tonnes acquired. Globally, countries bought 123 tonnes of gold from January to June — slightly less than in the same period of 2024.

Alongside Uzbekistan, the top sellers in 2025 have been the national banks of Singapore, Russia, and Germany.

In May, Kazakhstan led the world in gold purchases, outpacing Poland and China with another seven tonnes bought. The National Bank’s heightened interest in gold is linked to efforts to shield the economy from external risks amid falling global oil prices and a weakening tenge against the US dollar.

Original Author: Nikita Drobny