Kazakhstanis have become less likely to sell gold bars
Kazakhstanis have become less likely to sell gold bars. Simple calculations from the publications of the National Bank show that in February the population handed over for repurchase, handed over to banks and exchangers 496 of the previously purchased ingots. This is the lowest number since February 2022. The total weight of such gold amounted to 11.6 kg – this is the minimum since April 2022.
Recall that during a significant part of February, gold became cheaper, so the slight desire of Kazakhstanis to part with previously purchased bullion is quite understandable.
WHAT’S WITH THE DEMAND?
In February, the population bought 2,653 bars with a total weight of 83 kg. Relative to January, there is a noticeable increase in quantity (+12.2% or 289 units), but the difference in weight is small (+4.4% or 3.5 kg). Compared to February 2022, there is practically no difference at all: then 2,586 bars per 82 kg were sold.
And all why? Because 61% of the gold bars bought in February were small – 5 or 10 grams. That is, there is a demand for ingots, but for the most part, only the smallest of them can afford the population.