A rare shift is emerging in global markets as some central banks begin selling gold to raise cash, reversing years of heavy accumulation as war-driven pressures strain economies.

Gold prices have fallen about 10 percent from their recent peak to around $4,838 per ounce, even as global tensions persist. Analysts said the decline reflects a mix of central bank selling, investor outflows, and rising U.S. yields.

“There has been notable selling of gold by central banks from a few market participants,” MKS Pamp head of metals strategy Nicky Shiels told CNBC, noting that some are using reserves to “pay for increased energy and defense expenditure or to defend weakening currencies.”

Emerging economies appear to be leading the move. Turkey cut holdings by 131 tons in March to support its currency, while others such as Russia and Ghana have also reduced reserves to boost liquidity.

Standard Chartered chief investment officer Stave Brice said, “As far as gold is concerned, emerging market currency weakness has led some central banks to sell gold to stabilize currencies.”

Despite the shift, analysts said the move is likely tactical. Gold remains a key reserve asset that central banks can deploy during periods of stress, with demand expected to return if prices weaken further.