The Central Bank of Uzbekistan made headlines in March 2024 with its substantial sale of 11 tons of gold, a revelation unveiled in the latest report by the World Gold Council.
World Gold Council's report shows that, central banks globally witnessed a notable uptick in gold sales in March, totaling 25 tons—an impressive 31.7% increase from February. Uzbekistan, alongside Thailand and Jordan, stood out as key contributors to this surge, with notable sales volumes of 11 tons, 10 tons, and 4 tons, respectively.
Despite the surge in sales, monthly gross purchases of gold remained stable at 40 tons, with Turkey emerging as the largest buyer, having purchased a significant 14 tons in March. India and China closely followed, each acquiring 5 tons of the precious metal, further consolidating their positions as key players in the global gold market. Singapore and Kazakhstan also featured prominently in the top buyer rankings, each securing 4 tons of gold.
The report also highlighted significant increases in gold holdings by several countries, with Turkey leading the pack with a substantial addition of 30.12 tons to its reserves. China and India also registered notable increases, acquiring 27.06 tons and 18.51 tons, respectively. Kazakhstan and Singapore followed suit, adding 16.39 tons and 6.57 tons to their reserves, respectively.
Uzbekistan, however, saw a decrease in its gold holdings by 13.69 tons—a notable contrast to the upward trends observed among its counterparts. Despite this decrease, Uzbekistan maintains a significant position in the world's official gold holdings, standing at 357.7 tons as of March 2024, representing 74.3% of its reserves.
Earlier Daryo reported that the Central Bank of Uzbekistan has become the world's second-largest purchaser of gold in February of 2024. Specifically, in December 2023, the country procured 9 tons of the valuable metal, marking a notable rise from the 6.5 tons acquired in the third quarter of 2023.
Comments (0)