Kazakhstan’s central bank is transitioning from a major global gold buyer to a seller, planning to reduce gold’s share of foreign exchange reserves from approximately 78% to 75% by year-end. Rising U.S. Treasury yields are driving the reassessment of asset allocation between gold and dollar-denominated instruments. Despite this shift, the broader trend of central bank gold accumulation remains intact. The World Gold Council reports Kazakhstan was the fourth-largest gold buyer in the first eight months of 2026, alongside Poland, China, and Uzbekistan. However, geopolitical disruptions since late February have increased demand for dollar liquidity due to energy supply issues and rising import costs, prompting countries including Turkey and Russia to also sell portions of their gold reserves earlier this year.