Kazakhstan’s National Bank emerged as the world’s most active gold buyer in May, according to data from the World Gold Council (WGC). Analysts estimated that Kazakhstan increased its gold reserves by 7.4 tons over the month.
More generally, various central banks purchased 20.5 tons for their reserves, marking a significant increase from April (15.6 tons), although this figure remains below the average over the past year (27 tons).
«Fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks,» said Marissa Salim, senior research lead for the Asia-Pacific region at the WGC.
Following Kazakhstan were Turkey, which increased its reserves by 6.4 tons; Poland by 6.2 tons; China by 1.9 tons; the Czech Republic by 1.3 tons; and Cambodia by 1 ton.
Meanwhile, the leading seller of gold was the central bank of Singapore, which offloaded 5.4 tons, followed by Uzbekistan and Germany, each reducing their reserves by 1 ton.
According to a survey by the WGC, 43% of representatives from various central banks around the world stated that their countries plan to procure gold within the next 12 months.
