The indicators between the two are different.
The National Bank of Kazakhstan does not regulate the price of gold bars sold by exchange offices and commercial banks in the country. The correspondent of the business information center Kapital.kz discovered how much profit the switch and STB make, and the public can buy it.
Facts have proved that the profit margins of banks and exchanges are different when selling gold bars. In banks, the difference between the price of buying gold bars from the National Bank and the price of selling gold bars to residents is between 3.5-5.8%. In the switch, the figure is 3.7-5%. When calculating the margin, the cost of 1 gram of gold was withdrawn from the NBRK. As of April 14, 2021, its price was 24,087.91 tenge. On this day, the price of gold bars sold by banks to residents went from 25,000 tenge per gram to 25,492 tenge, and exchangers sold from 25,000 tenge per gram to 25,300 tenge.
Currently, you can buy and sell gold bars in Halyk Bank, Eurasian Bank, Jýsan Bank, Bank Center Credit.
At 11:30 on April 14 (US Eastern Time), the price of 10 grams of gold bars sold to the public at the Eurasian Bank was 254,920 tenge, and the price purchased from Kazakhstan was 240,340 tenge. Bank Center Credit sold these gold bars for 250,000 tenge and accepted the gold bars for 236,000 tenge. Jýsan Bank sells gold bars at 251,664 tenge and buys at 224,058 tenge. Halyk Bank (Halyk Bank) 10 grams of gold bars sell for 249,426 tenge, and the purchase price is 239,260.6 tenge. Banks also accept gold bars with damaged packaging, but in this case their price is 16.5% cheaper.
According to data from kurs.kz, those who want to buy gold bars at the exchange office in Almaty can trade at 15 exchange offices. The price of one gram of gold ranges from 25,000 tenge to 25,300 tenge. Therefore, a 10-gram soap bar in the exchanger costs 250,000-253,000 tenge. Basically, the exchanger provides soap bars weighing 5.10 and 20 grams.
In one of the main points of Almaty, it is reported that when buying gold bars at 5.10 or 20 grams, the price per 1 gram of gold is 25,000 tenge, but if you buy 50 to 100 grams, the price per gram is 25,300 tenge. Ge. According to Archin Galimbayev, head of the Association of Exchange Offices of the Republic of Kazakhstan, the price of bars is determined according to the demand for bars.
“If there are enough gold bars in the market, the exchange will constitute a minimum deposit. If there is a deficit, the profit margin will be overestimated. At some exchange offices, the profit of selling gold bars is close to the bank’s profit, because the exchange is not like a set-top box. Such a large gold bar warehouse. If the bank can store gold bars weighing 20 to 50 kilograms in the warehouse, it is not profitable for traders to keep one kilogram of gold worth 25 million tenge, thereby freezing cash for a while. In addition, at the Almaty branch of the National Bank, where traders buy gold, the demand for gold bars cannot be fully satisfied.
No drop in demand
The head of the Exchange Office Association said that at present, exchangers mainly sell gold nuggets, rather than buying gold nuggets from the population. “There is a demand for both small and 100-gram bars. Usually 5 grams and 10 grams are purchased as birthday and wedding gifts. I believe that gold is a highly liquid asset that can be sold at a low price at any time.
In exchanges managed by our interlocutors, there are no more than 3-4 transactions to buy gold and silver from the population in three years. “I think the situation of other exchanges is similar. One of our customers made a considerable income from the sale of gold bars. He bought it at a price of 17,000 tenge per gram and sold it at a price of 22,000 tenge per gram. According to our firm. Knowing, he even paid off part of the mortgage at the cost of income.
According to him, another person immediately bought these bars for tens of millions of tenge. Our interlocutor added: “We even have customers who bought 5 kilograms of gold at a time.”
After the lock-up was lifted in May last year, the heat exchangers in Almaty resumed work, and the demand for gold bars increased. Despite pandemics and crises, gold has always been an asset in demand. He said: “People are eager to invest in the context of regular rumors about the devaluation of the dollar.”
“The use of gold bars is just another activity of the exchange bureau. The person in charge of the association pointed out that basically, their owners are conservatives. They started their own business as early as the 1990s, and they were only prepared to deal with currency.
According to him, the National Bank still has not imposed any other requirements on strengthening the safes of traders selling gold. “Therefore, the owner will not incur any additional costs when dealing with the ingots, for example, to collect them without obtaining an additional license to sell gold. A license to buy and sell foreign currency transactions is sufficient. Exchangers only It only needs to reach an agreement with the National Bank,” explained Archin Galimbaev.
Despite the gradual recovery of the economy, the market remains unstable. This is due to the mutation of the coronavirus, continuous quarantine restrictions, slow vaccination rates, and increased incidence in densely populated countries. The price of gold is supported by concerns that the inflation rate in the United States may rise in the context of capital injections into the economy. Centras Securities analyst Aliya Abdralieva said that the Federal Reserve raised its inflation forecast from 1.8% to 2.4%.
She pointed out that gold is a defensive asset. Investors usually buy it when market uncertainty is high and there is a greater possibility of correction. “We believe that investment in this precious metal is long-term. If investors decide to invest in gold, then since the price of the asset has been revised by 8.9% since the beginning of the year, the current price level may be attractive. But it should be kept in mind that , Due to the accelerated population vaccination rate, if the outlook for world economic growth is optimistic, the price of gold may continue to pull back.
The National Bank has reported that by March 2021, Kazakhstan had purchased 2,898 gold bars from secondary banks and various non-bank exchange offices, with a total weight of 48.2 kilograms.
The National Bank launched a refined gold bullion trading plan for the public in 2017. Since the start of operations, 50,200 gold bars have been sold, with a total weight of 1.79 tons. There are five varieties of gold bars: 5, 10, 20, 50 and 100 grams. “The most popular among buyers are gold bars weighing 10 grams. They account for 30%-15,184 pieces of total sales. This is followed by 20 grams-10976 pieces (22%) and 100 grams-10964 pieces (22%). 5g-7305 pieces (15%), 50g-5771 pieces (11%). Basically, Almaty, Nur-Sultan and Atyrau all need to measure ingots.