Kazakhstan Central Bank to Cut Gold Share of Reserves as US Yields Rise

This is a notable signal because a central bank is explicitly framing gold's appeal as a function of US Treasury yields, not as a structural reserve shift. It matters for gold-market watchers: reserve managers are price-sensitive, and a pivot toward dollar assets when yields rise suggests official-sector demand may be less sticky than assumed. Whether other central banks echo this rotation — or treat it as a tactical trim — is the open question.