Uzbekistan significatly reduced gold sales in 2024

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Uzbekistan has significantly reduced its gold sales abroad in recent months of 2024, according to data from the World Gold Council, reports

In April 2024, the gold reserves of central banks increased by 33 tons, comparable to the February figure (27 tons). The volume of gold purchases decreased slightly compared to March, from 39 to 36 tons, while sales dropped 12-fold, from 36 to 3 tons.

The main buyer of gold from Uzbekistan was Turkey with 8 tons, followed by Kazakhstan and India (6 tons each).

The significant decrease in precious metal sales was due to Uzbekistan and Jordan - their reserves decreased by only 1 ton, much less than the volumes in February and March. Uzbekistan sold 23 tons of gold in these months.

In May, the net purchase volume was 10 tons. Demand decreased slightly (23 tons), while sales sharply increased (12 tons).

The largest buyer of gold in this month was Poland with 10 tons, followed by Turkey (6 tons) and India (4 tons). Kazakhstan was the main seller, selling 10 tons of gold.

Since the beginning of the year, the net volume of gold sales (the difference between sales and purchases) from Uzbekistan amounted to about 15 tons, the second-highest figure after the Philippines.

According to the Statistics Agency of Uzbekistan, in April and May, Uzbekistan exported gold worth a total of $1.53 billion. Over two months, the physical volume of gold in the reserves of the Central Bank decreased by only 0.02 million troy ounces (622 kg) — to 11.42 million troy ounces (356.45 tons).

In 2023, Uzbekistan became the second-largest gold seller in the world. Net gold sales exceeded 25 tons, second only to Kazakhstan, which took the top spot.

July 4, 2024