Kazakhstan Joins Global Central Banks in Record Gold Purchases

The World Gold Council (WGC) has released its latest data on global central bank gold purchases, revealing that they reached a record high of 289 tonnes in Q2. According to the WGC, Kazakhstan was among the top five most active buyers worldwide during this period, acquiring 15 tonnes of gold.

The WGC's survey also found that 45% of reserve managers expect their gold holdings to increase over the next 12 months, citing diversification goals and hedging against geopolitical and financial risks as primary drivers. This is in contrast to Russia, which sold a significant amount of its gold reserves during the same period.

The WGC's data highlights the growing trend of central banks turning to gold as a safe-haven asset amidst increasing global uncertainty.