Kazakhstan has joined the world’s four biggest gold buyers.
The National Bank added 15 tonnes of gold to its reserves in the second quarter of 2026. This placed Kazakhstan fourth among the world’s central banks by net purchases, DKNews.kz reports, citing the World Gold Council.
Who bought more gold than Kazakhstan
Poland topped the ranking. Its central bank purchased 51 tonnes during the quarter, bringing the country’s gold reserves to 632 tonnes by the end of June.
China followed with 33 tonnes, while Uzbekistan bought 16 tonnes. Kazakhstan trailed its Central Asian neighbour by just one tonne.
The central banks of Jordan and the Czech Republic added six tonnes each.
The largest buyers were:
- Poland — 51 tonnes;
- China — 33 tonnes;
- Uzbekistan — 16 tonnes;
- Kazakhstan — 15 tonnes;
- Jordan and the Czech Republic — six tonnes each.
These figures represent net purchases, meaning any gold sold during the same period is deducted from the amount acquired.
Central banks return to gold
Central banks and other official institutions purchased 289 tonnes of gold in the second quarter. That was five times the revised first-quarter figure of 57 tonnes.
The result set a record for the second quarter and marked a 62% increase from the same period in 2025.
Despite the sharp rebound, central banks bought 345 tonnes during the first half of the year — the lowest first-half total since 2022.
Large sales by Türkiye, Russia and Azerbaijan weighed on the overall figure early in the year. Selling pressure eased during the second quarter.
Russia remained the largest seller, reducing its gold holdings by 22 tonnes.
Why Kazakhstan is increasing its gold reserves
For a central bank, gold is not a short-term bet on rising prices. It is a reserve asset that does not depend on the obligations of any individual government or commercial company.
Gold helps diversify international reserves and reduce exposure to currency shocks, financial turbulence and geopolitical risks.
The World Gold Council linked the renewed buying activity to persistent global uncertainty and softer gold prices. The correction may have given reserve managers an opportunity to increase their holdings.
According to the organisation’s survey, 89% of central banks expect global gold reserves to rise over the next 12 months. A record 45% plan to increase their own holdings.
Gold has fallen, but it is far from cheap
The average London gold price stood at $4,506 per troy ounce in the second quarter. That was 8% below the record set in the first quarter, but 37% higher than a year earlier.
By the end of July, gold was trading at around $4,000–$4,100 per ounce. In January, futures had climbed above $5,600.
A stronger US dollar, changing interest-rate expectations and capital outflows from gold-backed exchange-traded funds weighed on the market. Gold ETFs recorded outflows equivalent to about 45 tonnes during the quarter.
Central banks moved in the opposite direction, using the price decline to build their reserves. Their actions highlight the difference between short-term market sentiment and long-term reserve management.
How much are 15 tonnes worth?
Fifteen tonnes is equal to roughly 482,000 troy ounces. Based on the average price in the second quarter, the market value of that amount exceeds $2.1 billion.
This is an estimate, not the National Bank’s disclosed purchase cost. The transactions may have taken place at different times and prices.
Kazakhstan also produces gold domestically. The National Bank has a priority right to purchase refined gold from local producers.
An increase in reserves, therefore, does not necessarily mean that Kazakhstan imported gold bars from abroad.
Should Kazakhstanis follow the National Bank?
The central bank’s strategy is designed for the long term. Private investors must also consider the exchange rate, seller premiums, the difference between purchase and resale prices, and storage costs.
Kazakhstan offers refined gold bars weighing 5, 10, 20, 50 and 100 grams. Banks and selected exchange offices participating in the National Bank’s programme sell and repurchase them.
Investors can also use Gold Coin, a digital instrument linked to the price of gold and the official tenge exchange rate.
“One unit of Gold Coin is equal to 1/20 of a troy ounce of gold,” the National Bank said in its official statement.
Gold jewellery is a different type of purchase. Its price includes design, craftsmanship and retail mark-ups, which owners usually cannot recover when reselling an item.
Kazakhstan’s place among the world’s four largest buyers does not guarantee that gold prices will rise. But the National Bank’s decision sends a clear signal: amid global instability, gold retains its status as a strategic reserve asset.
