The National Bank of Kazakhstan became the world’s second-largest gold buyer among central banks in the third quarter of 2025, amid a record surge in gold prices, Zakon.kz reports, citing data from the World Gold Council (WGC).
According to the WGC, the third quarter of 2025 set historic records for the global gold market. For the first time, quarterly demand, including over-the-counter (OTC) transactions, reached 1,313 tonnes, while the market value jumped by 44% to an unprecedented $146 billion.
Central banks maintained strong interest in the precious metal, purchasing 220 tonnes in total — 28% more than in the previous quarter. Against this backdrop, the National Bank of Kazakhstan increased its reserves by 18 tonnes of gold.
NBRK Governor Timur Suleimenov earlier described this policy as part of efforts to create a “solid buffer of resilience in times of global instability.” He noted that the country’s gold and foreign exchange reserves rose by 27.5% to $45.8 billion, driven by gold operations and strong investment returns. As of late October, total reserves reached a record $52.3 billion.
Global gold demand remained broad-based. Exchange-traded funds (ETFs) added 222 tonnes, while demand for gold bars and coins exceeded 300 tonnes for the fourth consecutive quarter. Meanwhile, the jewelry sector still accounts for the majority of global consumption — 54% of total gold output, followed by 21% in bars and coins, 17% in central bank holdings, and 8% in ETFs.
However, jewelry consumption in Q3 fell by 23% due to record prices, indicating that central banks—not consumers—are driving demand.
As of October 31, 2025, the official gold price in Kazakhstan stood at 67,936.81 tenge per gram, 7.66% lower than ten days earlier (73,576.66 tenge).
Earlier reports noted that in Q2 2025, Kazakh banks and non-bank exchange offices sold 4,008 measured gold bars weighing a total of 79.3 kilograms. Since the launch of the program in 2017, citizens have purchased 237,772 gold bars with a combined weight of 8.2 tonnes.
CentralasianLIGHT.org
October 31, 2025