One of the largest buyers of gold will start selling it

The Central Bank of Kazakhstan will soon cease to be one of the world's largest buyers of gold and will begin to sell it. Bloomberg reports this with reference to the deputy chairman of the National Bank of the country, Aliya Moldabekova.

Last week, the yield on 10-year US Treasury bonds reached a 24-year high, which makes the dollar an attractive instrument, the top manager emphasized. While the regulator's gold reserves rose to 386 tons, the precious metal's share of total reserves reached approximately 78 percent. “With such a share of gold, our assets begin to resemble a portfolio consisting of one asset,” Moldabekova noted, recalling that foreign exchange reserves must remain liquid.

In light of this, the Central Bank plans to reduce the share of gold in total foreign exchange reserves by about three percentage points by the end of the year, that is, to 75 percent.

In recent years, active purchases of gold by central banks have contributed to a sharp rise in prices for this metal, but since the outbreak of the Iranian conflict it has fallen significantly in price. Forecasts of levels of 6 thousand dollars per troy ounce expected in 2026 have not yet come true.