Gold demand strengthens among Central Banks, Kazakhstan takes the lead

The WGC reported that central banks collectively bought a net 220 tonnes of gold during the period, a 28% increase from the previous quarter and 6% higher than the five-year quarterly average. Total net purchases for the first three quarters reached 634 tonnes, remaining above the pre-2022 annual norm of around 400–500 tonnes.

The National Bank of Kazakhstan (NBK) recorded the largest addition, increasing its reserves by 18 tonnes to 324 tonnes. The move reflects Kazakhstan’s continued strategy to diversify its reserve assets and strengthen financial stability amid shifting global conditions.

Other emerging-market central banks also expanded their holdings. Brazil added 15 tonnes in September - its first rise since 2021 - while Turkey increased its total to 641 tonnes after adding 7 tonnes during the quarter. Only a few institutions, including those in Uzbekistan and Qatar, reported small declines.

Despite a sharp rise in gold prices of nearly 50% this year, central banks continued to regard gold as a reliable long-term store of value. The WGC expects steady demand through the final quarter of 2025, though purchases may moderate as prices remain high.

For Kazakhstan, the NBK’s active accumulation places the country among the world’s leading reserve managers this year, highlighting its commitment to maintaining economic resilience and a balanced reserve portfolio.

As previously reported, gold prices continued to decline on Tuesday morning, falling below the $4,000 mark as signs of progress in trade talks between the United States and China eased investor demand for safe-haven assets.