In January, Uzbekistan became the world's largest gold buyer, according to a report by the World Gold Council (WGC), Gazeta.uz reports.
According to WGC data, central banks maintained a strong interest in gold, as evidenced by net purchases of 18 tons of the precious metal. The steady demand highlights the strategic importance of gold in official reserves, especially amid rising geopolitical risks.
The Central Bank of Uzbekistan reported net purchases of 8 tons, bringing its gold reserves to nearly 391 tons, which accounts for 82% of total reserves.
The People’s Bank of China increased its reserves for the third consecutive month, adding 5 tons in January. China’s gold reserves have now reached 2,285 tons, representing 6% of total reserves.
The National Bank of Kazakhstan increased its gold reserves by 4 tons. At a press briefing on January 17, NBK Chairman Timur Suleimenov stated that the bank is considering a shift toward "monetary neutrality" in gold purchases to boost international reserves and "protect the economy from external shocks."
It was reported that NBK has begun selling U.S. dollars as part of "mirror operations" related to gold purchases. Kazakhstan’s gold reserves now stand at 288 tons, which equals 55% of total reserves.
Other central banks that continued net gold purchases in 2025 include:
- National Bank of Poland (3 tons)
- Reserve Bank of India (3 tons)
- Czech National Bank (2 tons)
- Central Bank of Qatar (1 ton)
The largest sellers in January were the Bank of Russia and the Central Bank of Jordan, both selling 3 tons of gold each, as well as the National Bank of Kyrgyzstan, which sold 2 tons.
As of the end of January, the official reserves of the Central Bank of Uzbekistan totaled $42.9 billion, an increase of $1.72 billion (4.2%) compared to December.
The value of Uzbekistan’s gold reserves rose by $3.02 billion, reaching $35.06 billion, setting a new record. This was driven by the rise in gold prices to $2,900 per troy ounce.
The physical volume of gold increased by 260,000 troy ounces (8.08 tons)—from 12.3 million (382.57 tons) to 12.56 million troy ounces (390.6 tons).
However, Uzbekistan's foreign currency reserves declined by $1.3 billion, reaching $7.3 billion, the lowest level since statistical records began in 2013.
CentralasianLIGHT.org
March 4, 2025