Gold News

Kazakhstan sells gold and currency reserves

Kazakhstani gold and currency reserves were reported to have fallen today by 3.1 per cent, as the country suffered a decline in commercial bank holdings of foreign exchange.

News of further decreases in the country's international reserves came on top of a loss of gold assets in late August, when national newspaper the Gazeta reported a loss of $4.3 million due to falling prices of the precious metal.

The present fall in gold and currency assets comes instead against a rising global gold price, now firmly established above the $700 mark and hitting 26-year highs.

Benefiting from this price rise, the National Bank reported its gold reserves to have risen $23.1 million to $1.46 billion, but not enough to stop the overall gold and currency reserves declining.

The National Bank of Kazakhstan claimed on September 14th that its holdings of gold and foreign exhange currency amounted to $19.98 billion, down from $21.23 billion at the end of August.

Central-Asian country Kazakhstan has also been in the gold mining news this week, as Celtic Resources, a London-listed mining company operating three Kazakhstani mines, claimed it was set to receive a takeover bid.

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