Gold prices continue to soar in Kazakhstan: What is the current cost per gram?

The official accounting price of gold in Kazakhstan has hit a record high, reaching 66,004.73 tenge per gram. According to data provided by the National Bank, this precious metal has continued to climb for the sixth consecutive trading session.

For comparison, back on August 6, a single gram of gold cost 62,787.45 tenge, meaning prices have jumped by 5.1% in just under a week.

nationalbank.kz

This surge is directly tied to global market shifts. Bloomberg reports that spot gold is currently trading around $4,400 per ounce, briefly hitting a ten-week high during the trading day.

The price spike was triggered by recent economic data from the United States. In July, US consumer prices rose by only 0.1%, following a weak employment report released the week prior. These figures led investors to conclude that the Federal Reserve will likely keep interest rates unchanged in September, which heavily benefited gold since it generates no yield.

Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp, noted that if upcoming US data continues to point toward slowing growth and subdued inflation, and if expectations of a Fed rate hike remain controlled, gold prices could climb even further. Additionally, the market is receiving strong support from central banks, most notably the Chinese regulator, which continues to ramp up its gold purchases.

Looking ahead, the future of gold largely depends on geopolitical developments in the Middle East. Oil prices are already heading toward weekly gains amid ongoing negotiations between the US and Iran regarding the opening of the Strait of Hormuz, and any escalation in the region could drive commodity prices up once again.