Uzbekistan has significantly reduced its gold exports in recent months, according to data from the World Gold Council.
In April, central banks' gold reserves increased by 33 tons, compared to February’s figure of 27 tons. Gold purchases slightly decreased compared to March, from 39 to 36 tons, while sales plummeted twelvefold, from 36 to 3 tons.
Turkey emerged as the top buyer with 8 tons, followed by Kazakhstan and India, each purchasing 6 tons of gold.
Significant reduction in sales of the precious metal is attributed to Uzbekistan and Jordan, whose reserves decreased by only 1 ton, significantly lower than volumes in February and March. Uzbekistan sold 23 tons of gold during these months.
In May, net purchases amounted to 10 tons. Demand slightly decreased to 23 tons, while sales sharply grew to 12 tons.
Poland became the largest buyer of gold this month, purchasing 10 tons. Turkey followed with 6 tons, and India with 4 tons. Kazakhstan was the primary seller with of 10 tons.
Since the beginning of the year, Uzbekistan has recorded net sale of approximately 15 tons of gold, marking the second highest figure after the Philippines.
According to data from the Statistics agency under the president of Uzbekistan, the country exported gold totaling $1.53 billion in April and May. Over these two months, the physical volume of gold in the Central bank’s reserves decreased by only 0.02 million troy ounces (622 kg), making up 11.42 million troy ounces (356.45 tones).
In 2023, Uzbekistan became the world’s second largest seller of gold. Its net gold sales exceeded 25 tons, trailing behind Kazakhstan, which secured the top position with twice that amount.
