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Another central bank pivots to “selling gold”: U.S. Treasury yields rise,USD making assets “more attractive”

PANews October 12 reported that the Central Bank of Kazakhstan is shifting from one of the world’s major gold buyers to a seller, planning to reduce gold’s share of its foreign exchange reserves from the current approximately 78%to 75%. The continued rise in U.S. Treasury yields is prompting the country to reassess the allocation ratio between gold and USD assets. As Kazakhstan adjusts its reserve structure, the global central-bank trend of continued gold accumulation in recent years has not been completely reversed. According to the World Gold Council, 2026 years ago, in the 8 months before, the Central Bank of Kazakhstan was the world’s fourth-largest gold buyer, while Poland, China, and Uzbekistan were the main buyers during the same period. An important reason central banks have increased their gold holdings is the emphasis on diversifying reserve assets after the 2008 global financial crisis. 2022 In February year, Western countries froze a large amount of Russia’s foreign exchange reserves, further prompting some central banks to reassess their reliance on traditional foreign exchange assets. But by the end of this year...