In October, Uzbekistan emerged as the leading global seller of gold, World Gold Council, a prominent industry organization reports.
Central banks' net gold purchases in October totaled 42 tons, indicating a deceleration in the trend of acquiring this precious metal. While the volume of gold purchased experienced a 41% decrease compared to September, it still surpassed the average for January - September 2023.
China secured its position as the primary buyer with a purchase of 23 tons, followed by Türkiye in second place with 19 tons. Poland, India, Czech Republic, Kyrgyzstan, and Qatar acquired 3, 3, 2, 1, and 1 ton, respectively.
Contrastingly, Uzbekistan stood out by selling 11 tons of gold in October, a figure five times greater than that of Kazakhstan, the next leading seller. This sales volume of the precious metal marked a significant shift, as both Uzbekistan and Kazakhstan are typically known for purchasing gold domestically, as per the World Gold Council.
The State Statistics Committee reported that Uzbekistan exported gold worth $1.24bn in October, contributing to a ten-month total of $6.87bn—a noteworthy 2.3-fold increase year-on-year.
Earlier Daryo reported that the price of gold hit a record-breaking $2,100 per troy ounce during Monday's trading on December 4, surpassing the previous high set during the 2020 COVID-19 pandemic
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