Amid escalating geopolitical tensions and economic volatility, central banks worldwide are intensifying their gold purchases as a safe-haven asset-and Kazakhstan is emerging as one of the most active buyers.
Global central banks added 20 tons of gold in May 2025 and another 10 tons in July, The Caspian Post reports via Kazakh media.
Kazakhstan Leads Monthly Gold Purchases
The National Bank of Kazakhstan emerged as the largest gold buyer in May, acquiring 7 tons and increasing its total holdings to 299 tons. The bank added a further 3 tons in July, bringing its total gold acquisitions for the year to 25 tons. This places Kazakhstan among the top three gold purchasers worldwide, following Poland and Azerbaijan.
Global Buying Momentum Remains Strong
Several other central banks also continued significant gold accumulation:
Poland, the leading net buyer in 2025, has acquired 67 tons since January, although its reserves remained stable from May through July.
Türkiye extended its gold-buying streak to 26 consecutive months, purchasing 6 tons in May and 2 tons in July.
The Czech Republic added 2 tons each month, marking 29 straight months of purchases.
China maintained its consistent pace with 2-ton increases in both May and July, totaling 36 tons year-to-date.
Other countries making modest additions in May included Kyrgyzstan, Cambodia, the Philippines, and Ghana, each increasing their reserves by 1 ton.
Not All Central Banks Are Buying
While many countries are increasing their gold reserves, others continue to offload. In May, the Monetary Authority of Singapore sold 5 tons, making it the second-largest net seller of the year with 10 tons divested. Uzbekistan and Germany each sold 1 ton, with Uzbekistan maintaining the highest net reduction in 2025, totaling 27 tons.
Although no major sales were initially recorded in July, subsequent IMF data revealed that Indonesia reduced its reserves by 11 tons, which may alter global net totals for the month.
Uganda Begins Domestic Gold Acquisition Program
Amid these shifts, Uganda’s central bank announced in July a pilot program to purchase gold from local artisanal miners over the next two to three years. The project is designed to strengthen the country’s gold reserves while reducing reliance on foreign currency assets.
Long-Term Outlook: Gold Gaining Strategic Importance
A recent World Gold Council survey of 73 central banks found that:
95 per cent expect global gold reserves to increase in the next 12 months
Over 40 per cent plan to increase their own holdings, up from 29 per cent in 2024
76 per cent anticipate the share of gold in their reserves will rise over the next five years
73 per cent expect to reduce the share of US dollar assets
For the third consecutive year, global central bank gold purchases have exceeded 1,000 tons annually, nearly double the average of the previous decade. Analysts point to rising global tensions, inflationary pressures, and efforts to de-dollarize as key drivers behind the trend.
Adding to the bullish outlook, gold futures in the US recently surpassed $3,700 per troy ounce for the first time in history - signaling continued investor confidence in the precious metal’s role as a safe-haven asset.
