Kazakhstan’s National Bank was the world’s top gold buyer in May

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Tengrinews.kz - Kazakhstan’s National Bank led global gold purchases in May, acquiring 7 tons of the precious metal. Overall, central banks around the world were the main buyers of gold that month, according to a report by the World Gold Council (WGC) published on July 2.

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Tengrinews.kz - Kazakhstan’s National Bank led global gold purchases in May, acquiring 7 tons of the precious metal. Overall, central banks around the world were the main buyers of gold that month, according to a report by the World Gold Council (WGC) published on July 2.

Central banks increased global gold reserves by 20 tons in May, higher than in the previous month, although overall buying activity slowed somewhat, the council noted.

“National Bank of Kazakhstan (NBK) reported adding 7t of gold to their reserves in May, lifting them to 299t. Since the start of the year, NBK gold reserves have increased by 15t,” the report stated.

Following Kazakhstan, the central banks of Turkey and Poland were the next largest buyers, each purchasing 6 tons. Meanwhile, the Monetary Authority of Singapore (MAS) reported selling 5 tons of gold during the same period.

“Fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks. This continued interest in gold was also highlighted in our recently released Central Bank Gold Reserves Survey 2025. Gold remains a focus for central banks worldwide with 95% of respondents believing that official gold reserves will continue to increase, up from 81% last year. A record 43% of central bankers also indicated that their own gold reserves would rise over the next 12 months,” the report said.

Earlier, Timur Suleimenov, Governor of the National Bank, outlined plans to introduce a unified QR code system for all banks in Kazakhstan.

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