Kazakhstan Among Top Ten Countries with Largest Rise in Gold Reserves
Kazakhstan Ranks Seventh in Increasing Gold Reserves
Astana – Kazakhstan has secured the seventh position on the list of nations actively expanding their gold reserves. Over a 10-year period from 2013 to 2023, Kazakhstan boosted its gold reserves by 151 tons, according to a report by Kazinform on Oct. 9.
Leading the list, Russia claimed the top spot with an increase of 1,298 tons, followed by China in second place with 1,181 tons, and Türkiye in third, adding 424 tons. Poland came next with 256 tons, followed by India with 246 tons, and Uzbekistan with 154 tons. Kazakhstan was followed by Singapore (103 tons), Iraq (100 tons), and Thailand (92 tons).
The World Gold Council’s 2024 Central Bank Gold Reserves Survey highlights that the demand for gold is being fueled by the complex geopolitical situation and financial environment. In 2023, central banks added 1,037 tons of gold – the second-highest annual purchase in history, following a record high of 1,082 tons in 2022.
Central banks continue to view gold favorably as a reserve asset, with 29% of central banks planning to increase their gold reserves in the next 12 months, according to the survey conducted from Feb. 19 to April 30 with 70 participants.
Gold prices in Kazakhstan have significantly increased by 31% since the beginning of the year. The National Bank reported that the price of one gram of gold reached 39,889 tenge (US$81.76) as of Sept. 20, compared to 30,323 tenge (US$62.16) at the start of the year. December futures also showed positive growth, rising by 0.35% to $2,623 per ounce.
