Kazakhstan central bank turns gold seller as Treasury yields surge

Kazakhstan's central bank is starting gold sales after years as one of the world's biggest buyers, saying high Treasury yields and reserve concentration justify the turn, as 10-year US yields hit a 24-year high.

Why it matters: The flip marks the sharpest institutional expression of a market where surging bond yields are eroding gold's appeal; if other reserve-heavy buyers follow, the tailwind that drove the gold rally starts to cut the other way.

Data as of Monday, October 12, 2026: the Bloomberg article was opened via a live-browser read but sits behind a paywall, so the facts above rest on the headline, lede, and visible summary elements only; treat volume and timing details as unconfirmed until a readable copy or official central-bank statement is available.

Kazakhstan’s central bank is shifting from being one of the world’s biggest gold buyers to a seller, Bloomberg reported Monday, citing high Treasury yields and the need to rebalance reserves. A central banker is quoted saying the gold-heavy holdings are “starting to resemble a single-asset portfolio,” and the 10-year Treasury yield hit a 24-year high last week.

Heavy central-bank buying helped drive gold sharply higher in recent years, but the rally has stumbled as surging bond yields erode the appeal of non-yielding gold. The full detail of the sales program remains behind the paywall and unconfirmed.

Kazakhstan central bank turns gold seller as Treasury yields surge

Sources