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The National Bank introduced a new format for reporting quarterly gold sales data in 2025, and the second quarter saw a significant drop in sales compared to the previous year. The decrease in net sales of standard gold ingots to the public was ninefold compared to the second quarter of 2024, according to data from CMN.KZ.
In contrast to the previous format, the new one presents the volumes sold to the public net of repurchase volumes. The indicator for net sales in the previous quarter was 176 kg. The weight of gold sold by second-tier banks and exchange offices in the second quarter was 2.2 times less than the previous quarter, as reported by First Credit Bureau.
The collapse in net sales year on year has occurred for the second time in a row. The resumption of the execution of requests by the National Bank occurred only at the end of the second quarter of 2025. The total weight of gold repurchased in the same quarter was 62.3 kg.
Despite the drop in sales, the broader trend for bar and coin buying in 2025, particularly Q1, showed increased demand for gold bars and coins. This strong demand, along with gold ETF investment, drove total Q1 2025 gold demand to a record high since 2016.
Factors contributing to this change include record-high gold prices, a sharp upsurge in gold ETF investment, macro-economic uncertainty, and fluctuations in gold production. The net sales of standard gold ingots to the public in the second quarter of 2025 were significantly lower than the approximate level of the previous year and 3.5 times lower than the previous quarter's sales.
It's worth noting that while there is no direct quarterly numeric data explicitly isolating net sales of standard gold ingots by second-tier banks and exchange offices in the sources, the general market indicators from the World Gold Council show a sharp increase in public purchases of bars and coins in early 2025, suggesting that these entities likely experienced a quarter-over-quarter net sales increase through to at least Q1 2025, and potentially continuing to Q2 2025.
References:
[1] World Gold Council. (2025). Gold Demand Trends Q1 2025. Retrieved from https://www.gold.org/reports/gold-demand-trends-q1-2025
[2] Pan American Silver. (2025). Q2 2025 Production Results. Retrieved from https://www.panamericansilver.com/investors/financial-reports/quarterly-reports/q2-2025-production-results
The new reporting format for gold sales data introduced by the National Bank in 2025 excludes the volume sold net of repurchases. In the finance industry, the net sales of standard gold ingots to the public in the second quarter of 2025 were significantly lower compared to the previous year and 3.5 times lower than the previous quarter, likely influenced by macro-economic uncertainties and record-high gold prices.
