Kazakhstan Becomes World’s Top Gold Buyer in August as Global Prices Hit Record Highs

While global gold prices reach historic peaks, Kazakhstan’s National Bank has emerged as the world’s leading gold purchaser, Orda.kz reports.

According to the World Gold Council’s latest report, the National Bank of Kazakhstan acquired eight tons of gold in August — more than half of the total bought by all central banks combined (15 tons). The report notes that while soaring gold prices have discouraged most countries from expanding reserves, Kazakhstan stands out as an exception.

The National Bank of Kazakhstan purchased eight tons of gold. It has been buying gold for six months in a row. The National Bank's gold reserves now stand at 316 tons — 32 tons more than at the end of 2024,
 World Gold Council writes.

For comparison, central banks in Türkiye, China, Uzbekistan, the Czech Republic, and Bulgaria each added only two tons to their reserves, while the Bank of Russia sold three tons amid peak prices.

Since the start of 2025, Kazakhstan has become the second-largest gold buyer globally, with reserves up by 15.65 tons — trailing only Poland’s 18.66 tons.

Economist Ruslan Sultanov, writing on his Telegram channel Tengenomika, attributed the trend to mounting global financial uncertainty. He noted that gold remains “the ultimate anti-crisis asset” and a safeguard against inflation, sanctions, and market volatility.

Central bank demand is creating a solid price floor for gold, which reached $3,400 per ounce in August. If this trend continues, prices could rise to $4,000 by year’s end. Gold is once again becoming a political instrument, not just an investment asset. It is being bought not for profit, but for sovereignty,
 Sultanov wrote.

Meanwhile, Kazakhstan has reduced gold production.

Original Author: Nikita Drobny