Uzbekistan has retained its position as the world's leading seller of gold for the second consecutive month, the World Gold Council reports. In November, the country's net gold sales totaled 11 tons, a significant fourfold increase compared to its closest follower, Kazakhstan.
Despite a slight decrease in the overall volume of global central bank purchases to 60 tons (down 4% from October), Uzbekistan's impressive sales contributed to the total net purchases of precious metals, which reached 44 tons. Notably, this figure surpasses the monthly average of 36 tons observed over the past year.
Turkey emerged as the leading gold importer in November, acquiring 25 tons, followed by Poland with 19 tons. China, the Czech Republic, and Kyrgyzstan also secured positions in the top five, making notable purchases.
For the entirety of 2023, Uzbekistan secured the second position in net gold sales, closely trailing Kazakhstan. China led the rankings for net purchases, with Poland and Singapore following suit.
Uzbekistan's robust gold export performance in November amounted to $1.28bn, contributing to a remarkable annual revenue of $8.15bn, marking a significant year-on-year doubling.
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