The rise in the value of the precious metal occurs against the backdrop of a weakening dollar
According to the National Bank of the Republic of Kazakhstan, the official cost of 1 gram as of December 21 is 27,247.9 tenge. This is the maximum since August 16, that is, more than four months, the Telegram channel of the First Credit Bureau DataHub reports.
“On November 4, the price of gold was less than 24.2 thousand tenge, which was the lowest since October 2021. However, this became the bottom, from which prices rebounded. Over the next month and a half, a gram of precious metal increased in value by almost 3.1 thousand tenge or 12.8%,” the PKB reported.
The main factor, according to analysts, is the growth in world prices for gold, which occurs against the backdrop of a weakening dollar, falling markets and a tense geopolitical situation.
“The precious metal traditionally acts as a protective tool, the interest in which is growing. Roughly speaking: when the financial market is restless, investors begin to actively stock up on gold. And thus they increase the price for it, ”the DataHub explains.