Gold demand grows among Kazakh citizens

Kazakh residents are increasingly buying gold. In September alone, citizens purchased more than 108 kilograms of gold weighted bullions through second-tier banks and exchange offices. Since the beginning of the year, they have purchased almost 823 kilograms of precious metal, or about 23,000 pieces. This year’s sales are thus 45 percent higher than in 2020 and 2019. In monetary terms the volume of the sold gold amounts to US$47 million. The main buyers are residents of Almaty, Nur-Sultan and Atyrau. According to analysts, such an increase in demand is caused by the fact that a certain part of the population has a fairly large increase in disposable income. Pension surpluses are probably also used. People consider such purchases as a tool for investment. It’s worth remarking that gold in the markets is steadily rising in price.

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova