Uzbekistan retained its global leadership in gold sales in April, according to the World Gold Council’s (WGC) monthly report, Gazeta.uz reports.
In April, central banks worldwide purchased a total of 12 tonnes of gold - down 12% from March and significantly below the 12-month average of 28 tonnes. This marks the second consecutive month of declining gold purchases.
Analysts attribute the decrease in demand to record-high gold prices seen earlier this year. Although central banks generally make strategic decisions, the surge in gold prices may have temporarily reduced buying activity, WGC notes.
Poland’s central bank led in gold purchases, adding 12 tonnes to its reserves - raising its total to 509 tonnes, more than the European Central Bank’s 507 tonnes. Since the beginning of the year, Poland has acquired 61 tonnes of gold.
Other major buyers in April included:
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Czech National Bank (+3 tonnes)
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People's Bank of China (+2 tonnes)
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Central Bank of Turkey (+2 tonnes)
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National Bank of Kyrgyzstan (+2 tonnes)
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National Bank of Kazakhstan (+1 tonne)
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Central Bank of Jordan (+1 tonne)
Meanwhile, Uzbekistan’s Central Bank continues to reduce its gold reserves. In April, the country sold another 11 tonnes of gold, marking the third consecutive month it topped the list of global gold sellers. Since the beginning of 2025, Uzbekistan has sold 26 tonnes, bringing its total reserves down to 356 tonnes.
Uzbekistan remains the world’s largest gold seller in 2025.
As of May 1, the country’s total foreign exchange reserves reached a record $49.25 billion - equivalent to 15 months of imports. Foreign currency reserves exceeded $11 billion.
The Central Bank also invested $500.8 million in securities to diversify its assets.
While the physical volume of gold fell by 11.2 tonnes in April (and 26 tonnes since the start of the year), the overall value of gold reserves rose to $37.65 billion, driven by rising global gold prices.
According to S&P projections, the Central Bank’s available reserves are expected to decline to $36.3 billion by 2026 and to $30.07 billion by 2028, partly due to gold revaluation amid a predicted drop in its price.
CentralasianLIGHT.org
June 4, 2025