In 2024, an interesting financial shift occurred in Kyrgyzstan: the US dollar, which for many years served as a safe haven for finances, lost about 2% of its value. As a result, investors began to look for more reliable instruments for capital preservation, and Kyrgyzstan's gold became such a ‘shelter’.

Gold in 2024 showed volatility, reacting to economic and geopolitical factors. In February, lower US bond yields and expectations of stability of the Fed key rate supported the market, but the employment report caused a temporary decline in prices. Record demand for bullion and an improving global economic outlook fuelled long-term growth.

By May, gold reached records thanks to central bank buying and tensions in the Middle East, despite a stronger dollar and rising bond yields. In July, amid slowing inflation and weak data on the US economy, prices rose again, reaching $2,420 per ounce.

By autumn, gold had risen in price by 35% since the beginning of the year. Geopolitical instability, conflicts in Europe and the Middle East, as well as weak employment data in the U.S. increased interest in the metal as a safe-haven asset. The gold price fell in December, with a cumulative rise of just 19.8%, but the value has already risen by 4% in January 2025.

Demand for gold bars in Kyrgyzstan fluctuated, reflecting changes in global markets. At the beginning of the year, interest was moderate, with 215 and 186 bars sold in January and February, respectively. However, in March and April, demand increased to 373 and 462 pieces, which coincided with rising gold prices due to economic instability.

According to the National Bank, demand remained stable in summer, with 551 and 656 bars sold in July and August. Autumn was the peak period - in September and October, 820 and 829 bars were sold, and by the end of the year, in November and December, sales reached a record 1 thousand 998 pieces. This is explained by the weakening of the dollar and increased geopolitical tension.

The most popular were ingots weighing 5 grams, especially in the spring months, when their sales increased from 123 in January to 326 in April. Bullion weighing 10 and 100 grams was more often purchased for long-term investments. 
A total of 5 thousand 830 refined gold bars with a total weight of 54.5 kilograms were sold. This figure increased 3.1 times (or by 218.2%) compared to the same period of 2023, when only 1 thousand 832 bars (26.4 kilograms) were sold.

The upward trend in volumes is also noticeable in the repurchase market. In 2024, the National Bank bought back 3 thousand 791 bars (32.9 kilograms), which is 2.6 times (or 167.7%) more than in 2023 (1 thousand 416 bars, 24.8 kilograms).

The main advantage of gold is its stability. In an environment where currency rates can change dramatically due to geopolitical or economic factors, gold remains one of the few assets that can retain value over the long term.

If current trends continue, gold will continue to strengthen its position as the main investment instrument in Kyrgyzstan. Moreover, the affordability of bullion bars makes them attractive not only for large investors, but also for the middle-income population. In the conditions of unstable currency market and dollar depreciation, this choice looks logical.

In the long term, the demand for gold may stimulate the National Bank to expand the range and improve conditions for investors. The bank's readiness to adapt to market needs is already evident: convenient purchase process, high liquidity and transparent conditions make gold bars an optimal choice for those who want to protect their funds from inflation and exchange rate fluctuations.

Gold is proving its value again, and Kyrgyz citizens are choosing in favour of stability. By buying gold bars, citizens not only preserve their assets in conditions of economic instability, but also contribute to the development of the national economy. All gold sold by the National Bank is mined in Kyrgyzstan, which emphasises the strategic importance of this industry for the country.

Moreover, the demand for this asset has given an impetus to the opening of additional sites for the sale of gold. In particular, in May 2023, gold bars started to be sold at the Kyrgyz Stock Exchange and in 2024 an additional shop was opened at Kyrgyzaltyn.