Kazakhstan Cuts Gold Output Despite Soaring Global Prices

Kazakhstan reduced its gold production in 2024 even as global prices jumped nearly 50%, Orda.kz reports, citing EnergyProm.

According to the World Gold Council, Kazakhstan produced 87 tons last year—1.3% less than in 2023. The country dropped to 14th place globally, now trailing Uzbekistan, Mexico, and Indonesia.

However, the World Gold Council only counts refined gold. Local statistics tell a slightly different story:

The National Statistics Bureau indicates that 72.1 tons of refined gold were produced in 2024 (+1.5% compared to 2023), the report states.

If all gold — processed and unprocessed — is included, production totals roughly 130 tons.

The downward trend has continued into 2025. Between January and August, Kazakhstan produced 85.9 tons of unprocessed gold and 48.2 tons of refined gold.

Meanwhile, prices are surging. Since the start of the year, the cost of an ounce has climbed from $2,600 to $3,900, driven by geopolitical tensions, rising military spending, and investors shifting into safe-haven assets.

Despite falling production, Kazakhstan is actively increasing its reserves. In 2025, the National Bank purchased 22 tons, placing the country among the world's top three buyers.

In June, Kazakhstan was second only to Uzbekistan.

Original Author: Ruslan Loginov