Kazakhstan’s central bank is pivoting from a major gold buyer to a seller, as rising Treasury yields boost dollar demand and reduce gold’s appeal. Deputy Governor Aliya Moldabekova said the bank aims to cut gold’s share of reserves by about three percentage points to 75% by year‑end, using both options sales and physical gold. Gold, which now makes up roughly 78% of total reserves (386 tons), has fallen about 20% since the US‑Iran conflict began in late February, hovering near $4,200 an ounce. Central banks globally have continued accumulating gold, led by Poland, China and Uzbekistan, despite some earlier offloads by Turkey and Russia. Kazakhstan’s National Bank, the world’s eighth‑largest gold producer, will monitor market conditions after meeting its target, noting that price forecasts remain bullish amid ongoing geopolitical uncertainty.
Key figures: $4,000/oz price threshold, $66.4B foreign reserves, 386t gold holdings, 75% target gold share.
People: Aliya Moldabekova (Deputy Governor, Kazakh central bank), Nariman Gizitdinov (reporter).
Locations: Kazakhstan, United States (Treasury), London.
Companies/Entities: World Gold Council (WGC), National Bank of Kazakhstan, Bloomberg Markets.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing