Published
01/07/2026, 17:10The market for gold bullion bars in Kyrgyzstan remained highly active in 2025. The population actively bought and sold gold through the National Bank, responding to rising global prices, fluctuations of the som, and external economic developments. Statistics confirm that investment interest in gold remains consistently high.
During this period, a total of 31,638 gold bars of various weights were sold to the population, while 14,633 bars were bought back. For comparison, in January–November 2024, the population purchased only 6,965 bars and sold back 4,499 bars. As a result, sales volumes increased by 4.5 times, while buyback volumes grew by nearly 3.3 times, clearly indicating a multiple-fold rise in interest in gold investments.
In January 2025, gold prices ranged between 2.5–2.7 thousand USD per troy ounce. The increase in quotations since the beginning of the year was driven by expectations of monetary policy easing in the United States, as well as ongoing geopolitical uncertainty. Additional support for the market came from strong demand by central banks and institutional investors, who view gold as a safe-haven asset.
In the second and third quarters, price dynamics became more moderate. From March to July, gold traded mainly in the range of 3.0–3.5 thousand USD per ounce. Short-term declines in quotations were observed amid U.S. economic forecasts and expectations regarding decisions by the Federal Reserve. However, no significant price drop occurred, indicating continued strong demand for the metal.
The most significant growth occurred during the autumn months and toward the end of the year. In October, gold prices exceeded 4,000 USD per ounce mark for the first time, and in December new historical highs were recorded at around 4,400 USD per ounce. The key drivers of this surge were expectations of interest rate cuts, the weakening of the U.S. dollar, and increased investor demand for safe-haven assets. As a result, gold posted one of its strongest annual performances of the past decade by the end of 2025.
The highest sales activity occurred during the first two months of 2025. However, during this period, gold prices had not yet reached their peak levels. This indicates that some bar owners sold their assets too early, realizing only moderate profits.
At the beginning of the year, gold sales are typically driven not by favorable prices but by the need for cash. After the close of the business year, economic activity traditionally slows down: companies reduce turnover, small businesses see declining revenues, and household expenses increase. Under such conditions, gold temporarily ceases to function as an investment asset and instead becomes a source of quick liquidity.
In spring, Kyrgyz citizens also sold gold, but in smaller volumes, either responding to the gradual price increase or addressing personal financial needs. The situation changed after the sharp price surge in May, when gold reached 3,434 USD per ounce. Following this new historical peak, sales activity picked up, allowing bar owners to earn on average 30% more. By August, the market returned to a phase of relative calm.
Autumn traditionally marks a period of increased spending. In Kyrgyzstan, this season is associated with celebrations and major expenses, prompting households to use not only their incomes but also savings. Consequently, gold sales volumes rose again. Those who sold bars in September generally did well, achieving returns exceeding 40%. Another significant surge occurred in October: on 20 October 2025, the price of an ounce of gold surpassed 4,300 USD. Bar owners who sold during this period secured the highest profits at that time. Prices continued to climb, and by the end of the year, those who held onto their gold until December saw an increase in value exceeding 64.4%.
The highest sales volumes occurred in October–November. Following the October price surge, Kyrgyz citizens purchased 6,992 gold bars, exceeding the total for the entire 2024. November set an absolute record, with the National Bank selling 7,012 gold bars. The lowest purchases were recorded in March — 896 bars and May — 886 bars.
The most popular were 5-gram gold bars, with 4,203 units sold, accounting for nearly 13% of total annual sales. The second most in-demand were 2-gram bars, particularly in October, when 5,920 units were sold. Interest in larger 100-gram bars remained low, with monthly sales generally not exceeding 150 units.
The buyback pattern shows a similar structure, with 5-gram and 2-gram bars being returned most frequently by the public. Larger bars remained largely held by investors and were rarely sold back to the bank.
Ultimately, the highest profits from gold were earned by those who held onto their bars until the autumn and the end of the year. Investors who sold in September saw an average price increase of around 40%, while those who exited in October, when the price per ounce exceeded 4.3 thousand USD, achieved even higher returns. The best results were recorded by holders who sold at the very end of the year, realizing gains of over 64.4% compared to early 2025 prices. In contrast, those who sold in January–February limited themselves to modest profits and missed the bulk of the price growth. In 2025, gold went beyond its traditional role as a “safe haven” asset, allowing investors to significantly increase their wealth.
Analysts from leading investment banks predict that gold prices will continue to rise in 2026. According to the baseline scenario by Goldman Sachs, the metal could reach approximately 4.9 thousand USD per ounce by the end of the year. More optimistic estimates suggest a potential range of 4–5.3 USD thousand per ounce in 2026, provided that strong demand from central banks and investors persists.
