Web Desk March 17, 2021

Some 2,309 bars of gold with a total weight of 59.2 kg were purchased by Kazakh people from second-tier banks and some non-bank exchange offices in February 2021, Trend reports with reference to the National Bank of Kazakhstan.

The program for the sale and purchase of gold bars for the population (hereinafter referred to as the Program) was launched by the National Bank in 2017. A total of 47,302 gold bars with a total weight of 1.74 tons have been sold since the beginning of its operation.

Gold bars are available in five varieties: 5, 10, 20, 50 and 100 grams. The most popular among buyers is a gold bar weighing 10 gram. Its share of the total sales volume is 28 percent – 12,932 pieces.

This is followed by 100-gram – 10,830 pieces (23 percent), 20-gram – 10,637 pieces (22 percent), 5-gram – 7,235 pieces (15 percent) and 50-gram – 5,668 pieces (12 percent). In general, gold bars are in demand in Almaty, Nur-Sultan and Atyrau cities.

Gold bars can be a reliable investment tool. The main factor in ensuring the liquidity of the gold bullion market is the possibility of buyback of bullion by banks and non-bank exchange offices with payment of money to the client “on a day-to-day basis”.

Only 140 gold bars with a total weight of 3.7 kg have been accepted for buyback since the beginning of the Program. The reason is that gold bars are a long-term investment and savings instrument.

 

Source: TREND News Agency

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