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【Another central bank shifts to “selling gold”: US Treasury yields rise,USD assets become more attractive】October 13, Kazakhstan’s central bank is shifting from one of the world’s major gold buyers to a seller, planning to reduce gold’s share of foreign exchange reserves from the current approximately 78%to 75%. Continued increases in US Treasury yields are prompting the country to reassess the allocation between gold and USD assets. As Kazakhstan adjusts its reserve structure, the trend of global central banks steadily increasing their gold holdings in recent years has not yet fully reversed. World Gold Council data show that 2026 years ago, over 8 months, Kazakhstan’s central bank was the world’s fourth-largest gold buyer, while Poland, China, and Uzbekistan were the major buyers during the same period. An important backdrop to central banks’ increased gold purchases has been the emphasis on diversification of reserve assets following the 2008 global financial crisis. 2022 In February, 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. However, after the US-Iran war broke out at the end of USD, energy supplies were disrupted and import costs rose, increasing market demand for. Countries such as Türkiye and Russia had already sold part of their gold earlier this year, showing that central bank gold holdings do not only increase and may also be affected by liquidity needs and asset-allocation targets.