5. Where can I get information about the price of 1 gram of gold in tenge? 

The National Bank publishes the indicative price of 1 gram of gold in tenge in the section: "Statistics" – "Foreign exchange rates and price of gold" – "Gold". 

5. Is the published gold price in tenge considered official? 

No, the published price is indicative and intended for informational purposes only.

The prices of gold in commercial transactions (purchase, sale, pledge, etc.) are determined by organizations independently, taking into account:
• market quotations;
• margins;
• exchange rates;
• quality of the product and other factors.

5. How is the gold price in tenge, published on the official website of the National Bank, calculated? 

The indicative price for 1 gram of gold in tenge is calculated using the following formula:

Gold price in tenge = LBMA fixing × official USD/KZT exchange rate ÷ 31.1034768

Where:
• LBMA fixing – the morning value of the London fixing for the previous day, in US dollars per troy ounce;
• 31,1034768 – the number of grams in one troy ounce;
• official USD/KZT exchange rate – the rate set by the National Bank on the current date.

5. How can I calculate the price of gold in tenge, other than based on the gold content of 999(9)? 

To calculate, it is necessary to:
• determine the mass of the item in grams;
• multiply by the percentage of pure gold content (for example, 58.5% for a 585 gold standard);
• multiply by the current price of 1 gram of gold.

5. Why is a gold portfolio included in the structure of the gold and foreign exchange reserves? 

The gold portfolio constitutes a significant portion of the country's gold and foreign exchange reserves, helping to protect their value in the event of a potential decline in the attractiveness of currency assets on international financial markets. It also contributes to risk diversification and can have a stabilizing effect on the overall volume of reserves during periods of global volatility. At the same time, the main objective of investing in gold is to ensure the stability and preservation of assets, rather than generating short-term returns.

5. Where can I find information about the state of the country’s gold and foreign exchange reserves? 

The National Bank publishes data on gold and foreign exchange reserves on a monthly basis on the official website of the National Bank.

5. What is the priority right to purchase refined gold? 

In accordance with paragraph 1 of Article 5 of the Law of the Republic of Kazakhstan dated January 14, 2016, "On Precious Metals and Precious Stones," the National Bank exercises the priority right of the state to acquire refined gold for replenishing its precious metals assets.

When exercising the priority right, the National Bank acquires refined gold on the domestic market from precious metals producers and individuals who have become owners of refined gold as a result of processing. The National Bank is not an authorized body for overseeing raw materials containing precious metals, jewelry, or other products.

The acquisition of gold under the priority right contributes to the development of domestic production, supports the gold mining and processing industries, and also helps replenish the country's gold and foreign exchange reserves.

5. How is the state’s priority right to purchase refined gold implemented? 

In accordance with paragraph 11 of Article 8 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan" and Article 5 of the Law of the Republic of Kazakhstan "On Precious Metals and Precious Stones" (hereinafter referred to as the Law), the National Bank exercises the priority right of the state to acquire refined gold for replenishing its precious metals assets.

The acquisition of gold is carried out based on an agreement concluded by the National Bank with a precious metals producer or a person who has become the owner of refined gold as a result of processing, under the general terms and conditions of the purchase and sale of refined gold. The acquisition of refined gold is carried out in the national currency – tenge, at market prices established in the international gold market.

5. Why does the National Bank exercise this priority right? 

The implementation of the priority right to purchase gold allows the National Bank to replenish international reserves using domestic resources, thereby increasing the resilience of reserves during periods of global instability. Moreover, it supports the domestic gold mining and processing industry by ensuring stable domestic demand for refined gold and stimulating investments in the sector. Thus, the priority right contributes to both macroeconomic stability and the development of the real sector.

5. What measures does the National Bank take to reduce the emission effect from gold purchases? 

In January 2025, the National Bank, in order to achieve monetary neutrality within the framework of implementing the priority right, introduced a mirroring mechanism for gold purchases, which involves selling US dollars on the foreign exchange market in an amount equivalent to the volume of tenge issued during the purchase of gold.

This allows neutralizing the impact on the money supply and limiting inflationary risks.