Central Banks maintain strong interest in gold: Kazakhstan among the leaders

The National Bank of Kazakhstan has been steadily increasing its reserves. In May, the regulator added 7 tons, bringing its total to 299 tons, making it the largest buyer of the month. In July, it purchased 3 tons, raising its annual increase to 25 tons. This allowed Kazakhstan to solidify its position among the world’s top three buyers, behind only Poland and Azerbaijan.

Other countries also remain active. Poland is still the largest net buyer of 2025, with 67 tons purchased since January, although its reserves have remained unchanged since May. Türkiye bought 6 tons in May and another 2 tons in July, marking 26 consecutive months of growth. The Czech Republic acquired 2 tons in both months, maintaining 29 straight months of purchases. China also added 2 tons in both May and July, continuing purchases for the ninth consecutive month and raising its reserves by a total of 36 tons. In May, Kyrgyzstan, Cambodia, the Philippines, and Ghana joined the list of buyers, each adding 1 ton.

While some countries are actively accumulating gold, others continue to sell. The largest sales in May came from the Monetary Authority of Singapore, which reduced its reserves by 5 tons. Uzbekistan and Germany each sold 1 ton. At that time, Uzbekistan remained the largest seller of the year at minus 27 tons, with Singapore in second place at minus 10 tons. No significant sales were reported in July, but IMF data later showed that Indonesia cut its reserves by 11 tons, which may affect the month’s overall statistics.

Against this backdrop, the Bank of Uganda in July announced the launch of a two-to-three-year pilot project to purchase gold from local artisanal miners. The initiative aims to strengthen national reserves and reduce reliance on traditional foreign assets.

A World Gold Council survey of 73 central banks showed that 95% of respondents expect global gold reserves to continue growing over the next year. More than 40% plan to increase their own reserves, a record figure compared to 29% a year earlier. In addition, 76% forecast that the share of gold in their reserves will rise over the next five years, while 73% expect the share of U.S. dollar assets to decline.

Over the past three years, central banks have purchased more than 1,000 tons of gold annually — double the average of the previous decade. Rising geopolitical tensions continue to reinforce gold’s role as a key tool for diversification and crisis protection.

Earlier, it was reported that gold futures in the United States have exceeded $3,700 per troy ounce for the first time in history.