Kazakhstan ranks among the top ten countries with the highest increase in gold reserves
Kazakhstan is placed seventh on the list of nations most actively expanding their gold reserves. A review of the 10-year period from 2013 to 2023 reveals that Kazakhstan boosted its gold reserves by 151 tons, placing it in seventh place worldwide, reported Kazinform on Oct. 9.
Russia secured the top position with an increase of 1,298 tons in gold reserves, followed by China with 1,181 tons and Türkiye in third place, adding 424 tons. Poland ranked fourth with 256 tons, followed by India with 246 tons and Uzbekistan with 154 tons. Kazakhstan was next on the list, followed by Singapore (103 tons), Iraq (100 tons), and Thailand (92 tons).
According to the 2024 Central Bank Gold Reserves Survey conducted by the World Gold Council, the demand for gold is influenced by the current complex geopolitical landscape and financial environment.
In 2023, central banks added a total of 1,037 tons of gold, marking the second highest annual purchase in history, following a record high of 1,082 tons in 2022.
In light of these record figures, central banks continue to regard gold as a favorable reserve asset. The survey, conducted from February 19 to April 30 with 70 participants, revealed that 29% of central banks plan to increase their gold reserves within the next 12 months, the highest percentage recorded since the survey began in 2018.
“The planned purchases are chiefly motivated by a desire to rebalance to a more preferred strategic level of gold holdings, domestic gold production, and financial market concerns including higher crisis risks and rising inflation,” said in the survey.
