Uzbekistan continues reign as world’s top gold seller

By Mokhi Sultanova in Tashkent May 9, 2024

Uzbekistan in March once again took the world’s top spot for sales of gold, has reported.

Central banks globally purchased a net volume of towards 16 tonnes of the precious metal. Demand remained robust, with purchases reaching 40 tonnes, outpacing sales of 25 tonnes.

Emerging markets dominated the list of major buyers. The Central Bank of Türkiye increased its gold reserves by 14 tonnes. The central banks of India and China each added 5 tonnes. Kazakhstan and Singapore followed closely behind, each acquiring 4 tonnes.

In gold sales, Uzbekistan led the pack, selling 11 tonnes. Thailand and Jordan followed with 10 tonnes and 4 tonnes sold, respectively.

The Central Bank of Uzbekistan (CBU) was also ranked first for gold sales in February, selling 12 tonnes.

In 2023, Uzbekistan placed second in the world for gold sales, with net sales exceeding 25 tonnes. However, this was less than half the amount sold by Kazakhstan, which claimed first place.

Uzbekistan exported gold worth $1.35bn in March alone, contributing to a total of $2.66bn in exports since the beginning of the year, the country’s statistics agency reported. This accounted for 41.7% of exports.

Amid a record surge in gold prices, Uzbekistan's gold and FX reserves surged to $34.2bn in March. However, the physical volume of the gold reserves fell by 10.9 tonnes, the lowest level recorded since May 2022.

In February, Uzbekistan’s gold exports brought in $1.32bn. The figure was up 11.5% y/y. Gold exports constituted 36.3% of the country’s exports for the month according to the statistics agency.

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