ASTANA – Kazakhstan purchased 57 tons of gold in 2025, making it the second-largest buyer worldwide, behind Poland, which purchased 102 tons. Rising metal prices and geopolitical uncertainty drove demand for safe-haven assets.
Photo credit: National Bank of Kazakhstan.
Azerbaijan (53.4 tons), Brazil (42.8 tons), and Türkiye (26.1 tons) rounded out the top five buyers. In comparison, Uzbekistan and the Kyrgyz Republic also increased their holdings by 7.8 and 7.6 tons, respectively, as reported by Finprom, a financial and business analytical service, on March 2.
The surge in purchases coincided with a historic price jump, from around $2,800 per troy ounce at the start of 2025 to above $5,000 by early this year, making gold the year’s most profitable safe-haven investment.
Major sellers in 2025 included Singapore (26.4 tons), Russia (6.2 tons), and Germany (1.3 tons).
Trends over 2020-2025
Over the 2020-2025 period, China remained the largest gold buyer with 358 tons, followed by Poland, India, Türkiye, and Brazil.
During the same period, Kazakhstan had been a major seller, with a net decrease of 44.4 tons. From 2022 to 2024, the National Bank sold 118.3 tons to maintain liquidity and diversify reserves.
The Philippines led in net sales over the six years with 64.8 tons, while other notable sellers included Sri Lanka, Germany, Mongolia, and Tajikistan.
