Kazakhstan Takes Third Place in the World for Gold Purchases, Overtaking Russia
According to reports, Kazakhstan has secured the third spot in the world for gold purchases, surpassing even Russia. The total level of the country's gold reserves has exceeded 310 tons.
The largest buyer turned out to be Turkey, acquiring 14.1 tons. In second place is India with 5.1 tons, followed by China with 5 tons, as reported by the World Gold Council.
Kazakhstan shares the fourth spot with Singapore, with both countries acquiring 4.5 tons of the precious metal in March 2024. Russia occupies the fifth spot with 3.1 tons.
The largest seller was Uzbekistan, selling 10.9 tons of gold. Thailand reduced its reserves by 9.6 tons, while Jordan decreased theirs by 3.7 tons.
In total, Kazakhstan holds 310.6 tons of precious metal, ranking 17th in terms of reserves (excluding the IMF and ECB), positioned between Saudi Arabia and the United Kingdom.
During the first quarter of 2024, central banks' demand for gold amounted to 289.7 tons, which is 1.2% higher than the previous year.
In January, the National Bank of Kazakhstan estimated that Kazakhstani citizens purchased over 38,000 gold bars in 2023.
