Although gold reserves in Kyrgyzstan have significantly increased over the past ten years, it is the fluctuations in the price of this metal that have become the main factor contributing to the record level of reserves, rather than the volumes of the reserves themselves.
Current Situation in the Gold Market
The global gold market is currently experiencing significant volatility. Gold prices are rapidly rising, reaching historic highs, and then sharply falling. In just one year, the price of gold has nearly doubled. Unstable fluctuations continue in global markets. For example, in January-February 2026, prices rose by more than 11% over 52 days, but in early March, there was a sharp correction amid a global asset sell-off.Despite a decrease in gold purchases by central banks in January 2026 (only 5 tons, while the average in 2025 was 27 tons per month), there is an expansion in the geography of demand. Countries that had not purchased gold for a long time have resumed active buying. For instance, Malaysia made its first purchase since 2018, acquiring 3.4 tons, while South Korea renewed its investments in gold through exchange-traded funds for the first time since 2013.
Analysts at Goldman Sachs have significantly revised their gold price forecasts, setting a new target of $5,400 per ounce by the end of 2026 (the previous target was $4,900). The main factors contributing to this growth include active purchases by central banks in emerging markets (expected to average 60 tons per month) and the growing interest of private investors using gold as a hedge against geopolitical risks.
