Kazakhstan Plans Gold Sales as Holdings Near Record Reserve Share

The National Bank of Kazakhstan intends to rebalance its reserves by selling portions of gold after the metal reached 78% of total holdings. Sales halted since February last year allowed stocks to climb to 386 tonnes.

Deputy Governor Aliya Moldabekova pointed to multi-decade highs in Treasury yields that make dollar assets attractive. She stated: “We haven’t seen levels like this in a long time,” thereby reducing gold’s appeal.

The bank aims to cut gold’s share to 75% by year-end via physical sales and options. A drop below $4,000 per ounce could achieve the target automatically. Purchases reached 36 tonnes in the first eight months.