Kazakhstan Resumes Gold Purchases

The National Bank of Kazakhstan has resumed purchasing gold after recently selling off some of its reserves. Since the start of the year, it has acquired around four tons of the precious metal, Orda.kz reports.

The World Gold Council data shows that central banks worldwide have purchased 18 tons of gold since the start of 2025. Kazakhstan ranks third in these acquisitions, securing about four tons, following Uzbekistan (eight tons) and China (five tons).

Other nations that are increasing their gold reserves include Poland, India, the Czech Republic, and Qatar.

Meanwhile, Kyrgyzstan, Jordan, and Russia have opted to sell their gold holdings.

The National Bank of Kazakhstan (NBK) added 4t of gold to its reserves. At a press briefing on 17 January 2025, NBK Chairman Timur Suleimenov said that the central bank has 'been discussing transitioning to monetary neutrality in gold purchases,' with the aim of boosting international reserves and 'protecting the economy from external shocks.' The NBK was reported to begin sale of US dollars as part of 'mirroring operations related to gold purchases.' Gold holdings for Kazakhstan stood at 288t, which is 55% of its total reserves.World Gold Council. 

Previously, the World Gold Council reported that Kazakhstan had actively sold off 1.89 tons of gold. Similarly, Kyrgyzstan, which is now selling its gold holdings, had previously been a major buyer.

Original Author: Nikita Drobny