Kazakhstan's Gold Reserves Reach Record Levels

During the past year, Kazakhstan significantly increased its gold reserves, purchasing gold for a total of 55.3 billion US dollars. This figure represents a 54.4 percent increase compared to the previous year. According to information provided by the country's National Bank, activity in this direction continued in January of this year, and the amount of gold purchased increased by another 10.1 percent.

Looking at the prices in the financial market, at the beginning of February, the price of one gram of gold was recorded at 89 thousand tenge in the account of the National Bank of Kazakhstan. Currently, the price of the precious metal in the world market remains at high levels, and the price of one ounce of gold fluctuates on average between 2,900 and 3,100 US dollars.

At the same time, the country is not only accumulating gold but also conducting gold trade by taking advantage of the favorable price conjuncture. In particular, Kazakhstan managed to sell gold worth 178 billion tenge (approximately 350 million US dollars) in January of this year. This step is aimed at maintaining the stability of the country's foreign exchange reserves.