Kazakhstan in top 10 countries for gold reserve growth

Kazakhstan ranks seventh in expanding gold reserves, boosting holdings by 151 tons from 2013 to 2023.

Kazakhstan ranks seventh among countries that have been actively increasing their gold reserves. Over the past decade, the nation added 151 tons of gold to its reserves. 

Leading the way is Russia, which significantly expanded its reserves by 1,298 tons, followed by China with an increase of 1,181 tons and Türkiye, which added 424 tons.

Poland follows in fourth place with 256 tons, while India and Uzbekistan boosted their reserves by 246 and 154 tons, respectively. After Kazakhstan, Singapore added 103 tons, Iraq 100 tons, and Thailand 92 tons.

In Kazakhstan, gold prices have surged this year, rising by 31%, according to the National Bank. The price per gram reached 39,889 tenge (about US$81.76) as of September 20, up from 30,323 tenge (approximately US$62.16) at the start of the year. Additionally, December futures have shown positive growth, increasing by 0.35% to $2,623 per ounce.

The World Gold Council's 2024 Central Bank Gold Reserves Survey indicates that the ongoing geopolitical tensions and challenging financial climate are driving demand for gold. In 2023, central banks around the world collectively added 1,037 tons of gold, marking the second-highest annual acquisition in history after a record 1,082 tons in 2022.

Central banks continue to favor gold as a reserve asset, with the survey—conducted from February 19 to April 30 among 70 participants—revealing that 29% of central banks plan to increase their gold reserves within the next year. This is the highest intention recorded since the survey's inception in 2018.

The motivations behind these planned purchases include a desire to adjust to a more favorable strategic level of gold holdings, domestic gold production, and concerns over financial markets, such as rising crisis risks and inflation.

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