ALMATY – Kazakhstan ranked among the world’s five largest central bank gold buyers in the second quarter of 2026, purchasing 15 tons of the precious metal as monetary authorities worldwide accelerated efforts to strengthen reserves amid persistent geopolitical uncertainty and shifting global financial conditions.
According to the latest World Gold Council (WGC) report, the National Bank of Kazakhstan (NBK) was the fourth-largest purchaser globally during the quarter, behind only Poland (51 tons), China (33 tons) and Uzbekistan (16 tons). Jordan and the Czech Republic each added six tons, while Ghana, Singapore, the United Arab Emirates and the Kyrgyz Republic made smaller purchases.
Kazakhstan’s acquisition came during a record quarter for central bank demand. Global official sector purchases reached 289 tons between April and June, the strongest second-quarter result on record and a sharp rebound from just 57 tons in the first quarter. The WGC attributes the recovery to a combination of geopolitical tensions, lower gold prices compared with first-quarter peaks, and central banks’ continued efforts to diversify reserve assets.
The trend appears far from temporary. According to a recent World Gold Council survey, 89% of central banks expect global official gold reserves to increase over the next year, while a record 45% plan to expand their own holdings. For Kazakhstan, the latest purchases continue a long-term strategy rather than representing a short-term reaction to market volatility.
According to Amir Aktanov, an analyst at Halyk Finance’s Analytical Center, central banks have remained net buyers of gold for 15 consecutive years, purchasing more than 1,000 tons annually over the past three years. He also described sustained official demand as one of the key drivers behind the metal’s recent rally.
Kazakhstan has been one of the most consistent participants in that trend. Between 2011 and 2021, the National Bank steadily expanded its gold reserves, purchasing more than 335 tons over the decade. Although the regulator shifted its reserve management strategy in recent years, it also announced in February 2025 that it had suspended gold sales from its foreign exchange reserves, citing the complex geopolitical situation worldwide.
The renewed purchases in the second quarter suggest that reserve diversification remains a priority as policymakers seek assets perceived as resilient during periods of economic and geopolitical uncertainty. The broader gold market reflects the same dynamics. Total global gold demand, including over-the-counter trading, remained stable year-on-year at 1,269 tons during the second quarter, while demand for the first half of 2026 increased 2% to 2,522 tons.
In value terms, however, global demand reached a record $380 billion, highlighting the impact of elevated prices. Kazakhstan’s position among the world’s largest buyers underscores both the strategic importance of gold in its reserve policy and the broader shift among central banks toward assets viewed as relatively insulated from geopolitical and financial shocks.
With official institutions expected to remain major buyers through the coming year, central bank demand is likely to continue providing structural support for gold prices, even as market attention shifts between inflation, interest rates and global political risks.