Kazakhstan becomes the world’s second largest gold buyer

Kazakhstan has purchased 49 tons of gold since the beginning of the year / Photo: Shutterstock; photo editor: Serikzhan Kovlanbayev

Central banks around the world continue to actively purchase gold, with Kazakhstan remaining one of the leaders in this process. According to the World Gold Council (WGC), the National Bank of Kazakhstan increased its gold reserves by another 8 tons in November.

In total, the National Bank purchased 49 tons of gold over the first 11 months of the year, placing Kazakhstan second among global gold buyers. Poland ranked first, having purchased 95 tons of gold during the same period.

Overall, central banks purchased a net 45 tons of gold in November. This was slightly lower than in October but significantly higher than earlier in the year. From January through November, total net purchases reached 297 tons. Although this is below the record levels seen in previous years, demand for gold from central banks remains strong, according to the WGC.

Developing countries are the main drivers of this demand. In addition to Kazakhstan, gold was also purchased in November by the central banks of Uzbekistan (10 tons), Kyrgyzstan (2 tons), the Czech Republic (2 tons), China (1 ton) and Indonesia (1 ton).

Globally, Poland’s central bank emerged as the largest buyer in November for the second month in a row. It purchased 12 tons of gold, increasing its total reserves to 543 tons. Brazil’s central bank also increased its reserves for the third consecutive month, adding 11 tons and bringing its total to 172 tons.

Gold sales, meanwhile, were limited. The central banks of Jordan and Qatar were net sellers in November, selling 2 tons and 1 ton, respectively.