Gold Hits Record Again: Prices Surge in Kazakhstan

Gold prices continue to reach historic highs on the global market. At the opening of trading on January 23, the price of the precious metal rose to $4,954 per ounce, approaching the psychological $5,000 mark.

The rise in gold prices is driven by ongoing geopolitical tensions, a weakening US dollar, and expectations of a looser monetary policy by the US Federal Reserve this year. Experts note that these factors make gold increasingly attractive as a safe-haven asset.

According to Peter Grant, Vice President of Zaner Metals, the processes of de-dollarization and macroeconomic uncertainty are the main drivers of increased demand. Other precious metals also saw price gains: silver reached $96.5 per ounce, and platinum hit $2,601 per ounce.

Situation in Kazakhstan

Gold prices have also risen significantly domestically. According to official data from the National Bank of Kazakhstanas of January 22:

• 1 gram of gold: 79,185.42 tenge

• Increase: approximately 6,700 tenge since January 9

In the third quarter of 2025, the National Bank sold 8,302 gold bars weighing a total of 438.4 kg. The highest demandwas observed in Almaty, Astana, and Karaganda. Among buyers, 10-gram bars were the most popular, accounting for 26% of sales.

The National Bank recommends considering gold bars as a reliable investment tool. A key market advantage is liquidity: banks and exchange offices can buy back the bars for cash on the same day.

Analysts from Goldman Sachs and J.P. Morgan suggest that prices may continue to rise. By the end of 2026, gold is expected to trade between $5,000 and $5,400 per ounce.