Gold market and central banks: Russia, Kazakhstan sell as Poland, China buy - Yahoo Finance UK

AI desk brief

Russia has cut gold reserves by about 6.2 tonnes in September, taking year-to-date disposals to roughly 62 tonnes, while Kazakhstan also plans to trim its bullion share from around 78% to 75% of reserves by year-end. The article says Russia’s sales are occurring outside the London bullion market, mainly via Hong Kong, with China’s central bank identified as the main buyer, limiting the expected impact on global prices.

Hong Kong trade data showed around 100 tonnes of Russian gold arriving from January to July, nearly three times last year’s pace. The source argues both Russia’s and Kazakhstan’s sales are spread over time and too small relative to the market to materially move gold, while dismissing a near-term Poland follow-on as unlikely despite its large recent reserve build.