Kazakhstan, a Central Asian country and former Soviet republic, has increased its gold reserves for 38 months in a row. Russia and Turkey have also expanded their gold holdings. Kazakhstan's gold reserves rose to 7.03 million ounces in November 2015 from 6.96 million ounces in October. 

Russian gold reserves were up at 44.78 million ounces from 44.07 million ounces during the period, according to the latest data from International Monetary Fund (IMF). Turkey's gold reserves stood at 16.39 million ounces from 16.10 million ounces. 

In Bloomberg, the gold price fall of 6.8 percent propelled these countries to accumulate the yellow metal. Barclays' Feifei Li forecast that these countries continue to increase their gold reserves.

Before the IMF's data release, Feifei Li said: "The buying trend will continue. Emerging markets such as Russia, China and Kazakhstan have a long-term need to increase their reserves due to portfolio and strategic reasons."

Turkey considers gold deposits with commercial banks as part of its national holdings. Turkey's gold reserves rose by nine tons in November, as per Reuters. China's central bank bought 21 tons of gold in November alone. The rush of central banks in the global bullion market is influencing gold price fluctuations significantly.

The gold is trading at six-year low. Majority of central banks were net buyers in 2010 after being net sellers for two decades. The global financial crisis in 2008 has made several central banks preferring to hold gold reserves.

According to Trading Economics, Kazakhstan's gold reserves rose to 213.50 tons in the third quarter of 2015 from 205.70 tons in the second quarter. The average of gold reserves in Kazakhstan was 83.56 tons during 2000-2015. It reached an all-time high of 213.50 tons during the third quarter of 2015 and low of 52.69 tons in the first quarter of 2003. 

The third quarter of 2015 witnessed robust bullion buying by central banks and other institutions. World Gold Council (WGC) says the bullion buying was at record level during the quarter as institutions preferred asset diversity. 

WGC estimates that Kazakhstan has 27 percent of reserves in gold, Russia has 13 percent and China has about two percent. The US has the highest percentage of reserves in gold at 73 percent. 

Gold price for immediate delivery eased to $1,046.44 an ounce on 3 December indicating lowest level since February 2010. Gold was traded at $1,077.95 an ounce on Tuesday (22 December 2015), according to data from Bloomberg.  When borrowing costs are rising, gold doesn't pay interest, opine bullion analysts.

Kazakhstan's 75-year-old leader, Nursultan Nazarbayev is facing a turbulent situation, while the country is facing an economic crisis. Kazakhstan's capital city is Astana.