Kazakhstan Central Bank Plans Gold Sales to Rebalance Reserves

Kazakhstan's central bank intends to reduce its gold holdings for the remainder of 2026, shifting from a major buyer to a notable seller to rebalance its reserves. This decision is influenced by multi-decade highs in Treasury yields, which make dollar-denominated assets more attractive, according to Aliya Moldabekova, Deputy Governor of the National Bank of Kazakhstan. The bank aims to lower gold's share of its total foreign exchange reserves by approximately 3 percentage points by year-end, through a combination of physical gold sales and options.