As of April 1, Kazakhstani banks possessed refined precious metals worth $93 million. For comparison, this figure was just $39.1 million a year earlier. According to data from the National Bank, the amount has increased 2.4 times, or by 136%, over the year.
That being said, the increase was primarily driven by the rising value of gold. As of April 2024, gold was priced at $60.59 per gram, compared to $96.72 per gram a year later (+59%).
Almost all Kazakhstani banks ramped up their precious metal holdings over the past year. At the start of 2025, these assets stood at $78.9 million and reached $86.9 million by the end of January (+10%). Over the same month, the price of gold increased by 5.56%, from $83.91 to $88.65 per gram.
In April, the National Bank announced that it had suspended gold sales in anticipation of further price increases. In February, Kazakhstan’s net gold sales reached eight tons, according to the World Gold Council. Alongside Uzbekistan, which sold 12 tons, Kazakhstan ranked among the top global gold sellers that month. Many other central banks, in contrast, opted to acquire rather than offload gold.
As of April 1, the National Bank reported $29.1 billion in gold and foreign currency reserves. The regulator has priority rights to purchase gold directly from domestic producers, which means commercial banks can only obtain the metal on the secondary market.
Earlier this year, City Research analysts revised their gold price forecast, projecting an increase from $3,200 to $3,500 per ounce within the next three months. Experts note that investor demand remains strong due to concerns over the potential impact of U.S. tariffs on global trade. As of now, June gold futures on the Commodity Exchange are trading at $3,400 per ounce.
