For Kazakhstan, Azerbaijan, and Turkey, increasing gold reserves is a strategic move to reduce reliance on the U.S. dollar and other foreign currencies, enhance financial stability, and safeguard against external economic shocks, according to Yergazy Taubaev, senior trader at a Kazakh investment firm, Zakon.kz reports.
“For instance, the State Oil Fund of Azerbaijan raised the share of gold in its portfolio to nearly 26% this spring,” Taubaev noted. “Meanwhile, Kazakhstan has suspended gold exports, focusing instead on domestic accumulation to support its national currency.”
In January 2025, the Chairman of Kazakhstan’s National Bank, Timur Suleimenov, announced the regulator’s shift toward “monetary neutrality in gold purchases” aimed at strengthening the country’s international reserves and insulating the economy from external shocks. As a result, Kazakhstan’s gold and foreign currency reserves have increased by 27.5%, the expert added.
In the global market, gold prices surpassed $3,340 per ounce in early June 2025 — a more than 41% increase year-over-year. Analysts expect 2025 to set a new global record for central bank gold purchases.
“Gold Leaders”: Poland, China, Azerbaijan, and Kazakhstan
According to the World Gold Council (as of April 30, 2025), the most active gold buyers include:
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Poland: Increased its reserves by an impressive 75 metric tons since the start of 2025. In 2024, the Polish Central Bank was the world’s largest buyer, acquiring 90 metric tons.
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Azerbaijan: The State Oil Fund (SOFAZ) added 50 tons of gold to its reserves.
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China: Continued steady accumulation, purchasing around 20 tons this year.
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Kazakhstan: Also contributing to the global trend, with an estimated 10-ton increase.
Turkey and the Czech Republic are also among the world’s most active gold purchasers, underscoring the broad international scope of the trend.
According to the World Gold Council, global gold supply reached 1,206 tons in Q1 2025, a 1% increase year-over-year. Mine production rose slightly to 856 tons, a record for the first quarter, while gold recycling dropped 1%, as consumers held onto gold in anticipation of further price hikes.
CentralasianLIGHT.org
June 9, 2025