(2 March 2026 | Source: World Gold Council, Finprom.kz)
By the end of 2025, gold had established itself as one of the key safe-haven assets in the global financial system. Against this backdrop, Kazakhstan became one of the largest buyers of the metal, despite massive sales in previous years.
KAZAKHSTAN BECAME THE SECOND LARGEST BUYER OF GOLD IN THE WORLD
According to the World Gold Council, the largest buyer of gold in 2025 was Poland, increasing reserves by 102 tonnes. They were followed by Kazakhstan and Azerbaijan, which purchased 57 and 53.4 tonnes respectively, reported Finprom.kz.
The top five buyers also included Brazil (42.8 tonnes) and Turkey (26.1 tonnes). Among other notable market participants were Uzbekistan (7.8 tonnes) and Kyrgyzstan (7.6 tonnes).
The largest sellers of gold in 2025 were Singapore (26.4 tonnes), Russia (6.2 tonnes) and Germany (1.3 tonnes).
SALES IN 2022–2024 REPLACED BY ACCUMULATION
Despite active purchases in 2025, over a longer period Kazakhstan was a net seller of gold.
In 2022–2024, the National Bank of the Republic of Kazakhstan sold 118.3 tonnes of gold. The reports note that this was done to maintain liquidity and diversify reserves.
As a result, over the last six years Kazakhstan was among the world's largest sellers of gold, with a net figure of –44.4 tonnes. Only the Philippines (64.8 tonnes) sold more. The list of major sellers also included Sri Lanka, Germany, Mongolia and Tajikistan.
In 2025, the strategy changed: against a backdrop of geopolitical tensions and record prices, the country returned to increasing its gold reserves.
HOW THE GLOBAL GOLD MARKET HAS CHANGED
In recent years, the price of gold has risen significantly. While at the beginning of 2025 the price of one troy ounce was around $2,800, by the start of this year it had exceeded $5,000.
The price increase is linked to geopolitical tensions, expectations of interest rate cuts in the US, and high demand from central banks, particularly China and India.
From 2020 to 2025, the largest buyers of gold were:
- China — 358 tonnes;
- Poland — 321.6 tonnes;
- India — 245.3 tonnes;
- Turkey — 234.7 tonnes;
- Brazil — 105.1 tonnes.
Over the same period, Russia purchased 55.4 tonnes, Uzbekistan — 54.4 tonnes, and Kyrgyzstan — 31.3 tonnes.
GOLD RESERVES IN THE WORLD AND KAZAKHSTAN'S POSITION
As of 2025, global central banks hold more than 36,500 tonnes of gold — about a fifth of all the metal ever mined.
The leader in terms of reserves remains the USA with 8,100 tonnes. It is followed by Germany (3,400 tonnes), Italy (2,500 tonnes), France (2,400 tonnes) and Russia (2,300 tonnes).
Kazakhstan ranks 16th in the world with reserves of about 341 tonnes of gold. Uzbekistan is placed higher, with reserves of 390.3 tonnes.
The results of 2025 show that gold has firmly established itself not only as a safe-haven asset, but also as a tool for the strategic management of state reserves.