Kazakhstan Joins Top Five Gold Buyers Amid Reserve Strategy Shift

Fri July 31 2026

Kazakhstan ranked among the world’s five largest central bank gold buyers in the second quarter of 2026, purchasing 15 tons of the precious metal as monetary authorities worldwide accelerated efforts to strengthen reserves amid persistent geopolitical uncertainty and shifting global financial conditions.

According to the latest World Gold Council (WGC) report, Kazakhstan emerged as the world's fourth-largest central bank gold buyer during the second quarter of 2026, with the National Bank of Kazakhstan (NBK) ranking behind only Poland (51 tonnes), China (33 tonnes), and Uzbekistan (16 tonnes).

The purchase came amid a record-breaking quarter for official sector demand, with global central bank acquisitions reaching 289 tonnes between April and June—the strongest second-quarter performance ever recorded—following a modest 57 tonnes in the first quarter. The WGC attributed the sharp rebound to ongoing geopolitical tensions, relatively lower gold prices compared with first-quarter highs, and continued efforts by central banks to diversify their reserve portfolios.

This trend is expected to continue, with a recent WGC survey showing that 89% of central banks anticipate an increase in global official gold reserves over the next year, while a record 45% plan to expand their own holdings.

Kazakhstan's latest purchases reflect a long-term reserve management strategy rather than a short-term response to market conditions.

According to Amir Aktanov, an analyst at Halyk Finance's Analytical Center, central banks have remained net buyers of gold for 15 consecutive years, purchasing more than 1,000 tonnes annually over the past three years, making official sector demand a major driver of gold's recent price rally.

Kazakhstan has consistently been part of this trend, having added more than 335 tonnes to its reserves between 2011 and 2021. Although the NBK adjusted its reserve management approach in recent years, it suspended gold sales from its foreign exchange reserves in February 2025, citing heightened global geopolitical uncertainty.

The renewed purchases in the second quarter reaffirm the country's commitment to reserve diversification through assets viewed as safe havens during periods of economic and political instability.
The broader gold market reflects the same momentum, with total global gold demand, including over-the-counter (OTC) trading, remaining stable at 1,269 tonnes in the second quarter, while first-half 2026 demand rose 2% year-on-year to 2,522 tonnes.

In value terms, global gold demand reached a record US$380 billion, supported by elevated prices. Kazakhstan's position among the world's leading gold buyers highlights both the strategic role of gold in its reserve policy and the growing global preference among central banks for assets that offer protection against geopolitical and financial risks.

With official institutions expected to remain significant buyers in the coming year, central bank demand is likely to continue providing strong structural support to global gold prices despite evolving inflation, interest rate, and geopolitical developments.

Source: https://astanatimes.com/