In 2025, Kazakhstan purchased 57 tonnes of gold, securing second place worldwide in annual acquisitions. The data was reported by Finprom.kz citing figures from the World Gold Council.
Poland emerged as the largest buyer with 102 tonnes, followed by Azerbaijan with 53.4 tonnes. Brazil and Türkiye also entered the top five, purchasing 42.8 and 26.1 tonnes respectively. Uzbekistan and Kyrgyzstan were among other notable buyers.
The surge in purchases coincided with record-breaking gold prices. At the beginning of 2025, gold traded at around $2,800 per troy ounce, climbing above $5,000 by year-end. Analysts described gold as the year’s most profitable safe-haven asset.
Price growth was driven by geopolitical tensions, expectations of US interest rate cuts, and declining bond yields. Strong demand from central banks in China and India further supported the rally.
Between 2020 and 2025, China led global gold purchases with 358 tonnes, followed by Poland, India, Türkiye, and Brazil.
Kazakhstan, however, had previously been among major sellers. Between 2022 and 2024, the National Bank sold 118.3 tonnes as part of reserve diversification and liquidity support measures. In 2025, amid record prices and geopolitical turbulence, the country reversed course and resumed accumulation.
Globally, central banks hold over 36,500 tonnes of gold — roughly one-fifth of all gold ever mined. The United States ranks first with 8,100 tonnes, followed by Germany, Italy, and France. Russia completes the top five. Kazakhstan, with 341 tonnes in reserves, ranks 16th worldwide, while Uzbekistan stands two positions higher.
