Gold purchases in Kazakhstan escalate to 18,900 bars in 1Q24
In 1Q24, citizens of Kazakhstan purchased 18,900 gold bars, totalling 816 kilograms, compared to the 9,500 bars, or 255 kilograms, acquired during the same period in the previous year. The increase in gold prices over recent months contributed to the higher volume of gold bar purchases. Currently, the price of one gram of gold is KZT 33,200 ($75.03), up from KZT 30,300 ($68.48) in January. The highest price recorded was on April 18, at KZT 34,500 per gram ($77.97).
Regulatory data indicates that Almaty city residents accounted for the majority of gold bar purchases, with 12,400 bars or 66% of the total. Shymkent and the Zhetysu region followed, with purchases of 2,800 and 983 bars, representing 15% and 5% of the total, respectively.
Gold bars are available in 5, 10, 20, 50, and 100-gram weights, and can be transacted at Halyk Bank, Eurasian Bank, Jusan Bank, Bank CenterCredit, and selected non-banking exchange shops. Since the launch of the gold bar program in 2017, a total of 170,500 bars weighing 6.2 tons have been sold, with the 10-gram size being the most commonly purchased, constituting 25% of total sales.
Gold bars are recognized as a stable investment, with the ability to be liquidated for cash at banks and exchange shops on the day of sale. Since 2017, Kazakhstanis have sold back 34,500 bars weighing 937 kilograms, representing 20% of all bars sold.
The National Bank of Kazakhstan reported an increase of $1.9 bn in its gold and foreign exchange reserves to $37.8 bn, following a 7% rise in global gold prices from $2,000 to $2,200 per troy ounce during 1Q24. This price movement has been linked to positive financial outcomes in the U.S., potential Federal Reserve rate cuts, and geopolitical developments, including the conflict between Israel and Hamas.
Source: https://daryo.uz