[vi] ‘Single-asset portfolio’: Kazakhstan plans gold sales as holdings reach 78% of reserves

[vi]

[vi] (Kitco News) –Kazakhstan's central bank has announced plans to rebalance its reserves by selling off some of its massive gold reserves, flipping one of the world’s leading buyers into a big seller for the remainder of 2026.

[vi] Aliya Moldabekova, Deputy Governor of the National Bank of Kazakhstan, explained in a recent interview that the current multi-decade highs in Treasury yields make dollar assets very attractive.

[vi] “We haven’t seen levels like this in a long time,” Moldabekova said. “This makes the dollar an attractive option, thereby reducing the appeal of gold as an investment asset.”

[vi] Kazakhstan’s central bank maintains the right to buy up to 100% of the gold mined in the country, the world’s eighth-largest gold producer. The central bank halted sales in February last year, and its gold reserves have since ballooned to 386 tonnes. This means gold currently represents approximately 78% of total reserves according to their estimate, which Moldabekova characterized as uncomfortably high. She said the central bank intends to lower gold’s share of its total foreign exchange reserves by about 3% by the end of the year.

[vi] “With such a share of gold, our holdings are starting to resemble a single-asset portfolio,” she said, adding that the central bank’s $66.4 billion in foreign currency reserves must remain liquid.

[vi] Moldabekova said half of the reduction in the gold reserve will be accomplished through sales of physical gold, with the other half coming by selling options, but if the gold price drops below $4,000 per ounce, the reserves could decline to the 75% target on their own.

[vi] “Market forecasts indicate that the price of gold will continue to rise,” Moldabekova said. “Therefore, we would prefer not to plan too far ahead; rather, we would achieve the 75% level and then continue to monitor the situation from there,” Moldabekova said. “Given that significant uncertainty persists, we nevertheless expect a slight rise in the price of gold.”

[vi] The National Bank of Kazakhstan has been the fourth-largest sovereign buyer of gold bullion through the first eight months of 2026, according to World Gold Council data. The WGC’s latest central bank gold update noted that the National Bank of Kazakhstan bought seven tonnes of gold in August, bringing its year-to-date gold purchases to 36 tonnes. “Kazakhstan’s gold now stands at 79% of total reserves, or about 377t,” the report noted.

[vi] See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies.

[vi]

[vi] [Ernest Hoffman](/author/ernest-hoffman)

[vi] Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

[vi] https://www.linkedin.com//in/ernesthoffman/

[vi] Tags:

[vi] National Bank of KazakhstanKazakhstanCentral Bank Gold ReservesWorld Gold Council

[vi] Share

[vi] Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

[vi] Trending News

[vi] Gold

[vi] Gold ETF demand defies rising bond yields as investors pour $31 billion into record third quarter – WGC Oct 12, 2026 - 10:33 AM

[vi] Gold

[vi] Gold prices struggle to hold early gains as U.S. dollar nears 18-month high, bond yields remain elevated - Kitco AM ReportOct 12, 2026 - 8:44 AM

[vi] Gold

[vi] Gold price needs a dovish Fed or renewed debasement fears to reverse its downtrend – Bank of America Oct 12, 2026 - 11:36 AM

[vi] Gold

[vi] Gold, silver soften as markets price in December Fed hike risk - Kitco PM ReportOct 12, 2026 - 5:02 PM

[vi] Gold

[vi] Gold’s next chapter is about more than $5,000 - LBMA 2026Oct 09, 2026 - 4:30 PM