As of April 1, Kazakhstani banks held refined precious metals worth 48.7 billion tenge (approximately $93.3 million) in their assets. For comparison, a year earlier this figure was 20.5 billion tenge. Over the year, the volume increased by 136%, or 2.4 times. This is according to data from the National Bank of Kazakhstan, reports Kursiv.kz.
This increase was due to the rise in gold prices. According to the National Bank, on April 1, 2024, the price of gold was 31.7 thousand tenge per gram, and a year later it had risen to 50.6 thousand tenge — a 59% increase.
Throughout the year, banks steadily increased their reserves of precious metals. At the beginning of 2025, the volume was 41.3 billion tenge, and by January it had grown by 4.2 billion tenge, reaching 45.5 billion tenge (+10%). At the same time, the price of gold that month rose by 5.56% — from 43.9 thousand to 46.38 thousand tenge per gram.
In April, the National Bank of Kazakhstan announced that it had suspended gold sales, anticipating a rise in the value of the precious metal. Earlier, the World Gold Council reported that in February the National Bank had made net gold sales of 8 tons. Kazakhstan ranks among the top countries in this regard, alongside Uzbekistan, which sold 12 tons of gold. Meanwhile, many other central banks preferred to purchase gold.
The National Bank of Kazakhstan’s gold and foreign currency reserves stood at $29.1 billion as of April 1. The regulator holds the priority right to purchase gold from producers, meaning banks can only buy precious metals on the secondary market.
Previously, analysts at Citi Research revised their gold forecast, raising the expected price over the next three months from $3,200 to $3,500 per ounce. According to them, investor interest in gold remains high due to concerns over the potential impact of new U.S. import tariffs on global trade. June gold futures on the Comex exchange are trading at $3,400 per ounce.
At present, 1 U.S. dollar is equal to 519.6 tenge.
CentralasianLIGHT.org
April 21, 2025