Kazakhstan’s central bank is shifting from one of the world’s largest gold
buyers to a seller as the finance ministry pushes a reserve-asset rebalance.
Deputy Governor Aliya Moldabekova said the recent rise in US 10-year yields —
which hit a 24-year high last week — has made the dollar more attractive and
reduced gold’s appeal. The bank intends to lower gold’s share of
foreign-exchange reserves by roughly 3 percentage points. The move comes after
gold retreated from record highs and follows broader signs of reduced
central-bank gold demand this year; the World Gold Council says Turkey and
Russia trimmed holdings earlier, and reporting notes the Iran war has driven
stronger dollar demand to pay higher-cost energy imports.
