Kazakhstan Continues Selling Gold Reserves

Kazakhstan ranks second among countries most actively selling gold from their foreign exchange reserves in recent months, reports Orda.kz.

According to the World Gold Council, Kazakhstan's National Bank sold 1.89 tons of gold.

Only Singapore's central bank was more active, selling 7.65 tons. Kazakhstan holds second place among Central Asian countries in gold reserves with 284.05 tons, behind Uzbekistan's 382.57 tons.

Kazakhstan ranks 14th globally in gold reserves by tonnage. These figures are preliminary, as the World Gold Council lacks precise data for many countries' fourth quarter 2024.

Kazakhstan's reserves are three times smaller than India's or Japan's and almost 29 times less than the list leader, the United States.

Kazakhstan's Central Asian neighbors are buying rather than selling: Kyrgyzstan recently acquired 12.17 tons of precious metal, while Uzbekistan purchased 8.71 tons.

The National Bank had been actively selling gold from its reserves last year. In the third quarter of 2024, its reserves were estimated at 295 tons. Kazakhstan has sold nearly 11 tons.

Meanwhile, it was previously reported that the National Bank planned to purchase gold in 2025 - potentially acquiring 70 tons for six billion dollars.

Original Author: Nikita Drobny