Kazakhstan purchased 57 tonnes of gold in 2025, securing second place in the global ranking of precious metal buyers. Poland led the list with 102 tonnes, according to data from finprom.kz.
The top five largest gold buyers in 2025 also included:
- Azerbaijan — 53.4 tonnes;
- Brazil — 42.8 tonnes;
- Turkey — 26.1 tonnes.
Among active regional players were Uzbekistan (7.8 tonnes) and Kyrgyzstan (7.6 tonnes).
The largest gold sellers were Singapore (26.4 tonnes), Russia (6.2 tonnes), and Germany (1.3 tonnes).
Gold purchases grew against the backdrop of historic price increases. While a troy ounce cost around $2,800 at the start of 2025, by early 2026 the price had stabilized above $5,000. Gold became the year's most profitable safe-haven asset.
Over the 2020–2025 period, China emerged as the world's largest gold buyer with 358 tonnes. It was followed by Poland (321.6 t), India (245.3 t), Turkey (234.7 t), and Brazil (105.1 t).
However, over the same six-year span, Kazakhstan appeared on the list of net sellers, with a cumulative reduction in reserves of 44.4 tonnes. In 2022–2024, the National Bank sold 118.3 tonnes of gold to support liquidity and diversify reserves. Yet in 2025, amid record prices and geopolitical instability, the country returned to an accumulation strategy.
Only the Philippines sold more gold than Kazakhstan during this period — 64.8 tonnes. Other major sellers included Sri Lanka (19.1 t), Germany (16.2 t), Mongolia (15.2 t), and Tajikistan (11.9 t).
Since the start of 2026, gold has appreciated by more than 27%, continuing its upward trajectory after an impressive 64% surge in 2025. Analysts attribute sustained demand to investors' preference for shifting funds into safe-haven assets amid global uncertainty.
CentralasianLIGHT.org
March 2, 2026