Kazakhstan becomes the world’s fourth-largest gold buyer

The National Bank of Kazakhstan increased its gold reserves by seven tons in May. Since the beginning of 2026, the country has acquired 20 tons of the precious metal, ranking fourth among the world’s largest gold buyers, according to the World Gold Council (WGC).

Poland was the largest buyer, having increased its gold reserves by 64 tons since the beginning of the year, followed by Uzbekistan (33 tons) and China (25 tons). Kazakhstan ranked fourth with 20 tons, close behind the top three.

According to the WGC, central banks worldwide increased their gold reserves by a combined 41 tons in May. Poland and China were once again the largest buyers, with the National Bank of Poland purchasing 18 tons of gold and the People’s Bank of China adding 10 tons.

Besides Kazakhstan, central banks in Uzbekistan, Singapore, the Czech Republic and Jordan also increased their gold reserves in May, adding nine, four, two and one tons, respectively.

As of the end of May, the National Bank of Kazakhstan’s gold reserves stood at 361 tons, accounting for 78% of the country’s total international reserves, according to the WGC.

Russia and Turkey were the largest gold sellers in May. Russia reduced its gold reserves by six tons and Turkey by three. Since the beginning of the year, Russia has sold 34 tons of gold and Turkey 81 tons.

The WGC also noted that central banks’ interest in gold remains strong. According to the council’s survey, 89% of central banks expect global gold reserves to increase over the next 12 months. At the same time, a record 45% of central banks plan to increase their own gold holdings during that period.

Previously, Kursiv.media reported that the UN is set to help Kazakhstan recover gold and other precious metals from electronic waste.