Kazakhstan Central Bank to Trim Gold Share of Reserves to 75% by Year-End

The reversal is notable less for its size than its direction: a bank that ranked among the year's largest official-sector gold buyers is now rebalancing toward dollar assets, a move it attributes to rising Treasury yields. Because the stated driver is relative yield rather than any view on gold itself, this reads as portfolio arithmetic, not a signal on the metal. The open question is whether other reserve managers with heavy gold weightings follow the same yield-driven logic, which would matter more for official-sector demand than Kazakhstan's own modest reduction.