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    Uzbekistan

    Uzbekistan reduces gold sales in April and May - World Gold Council

    Uzbekistan reduces gold sales in April and May - World Gold Council

    Uzbekistan has notably reduced its gold sales abroad in April and May 2023, according to data from the World Gold Council.

    Photo: Uzbekistan reduces gold sales in April and May - World Gold Council
    Source: Humenglish

    April Sales and Global Trends

    In April, the gold and foreign exchange reserves of central banks worldwide increased by 33 tons, slightly exceeding the levels seen in February. The volume of gold purchases remained almost consistent with March's 36 tons, while gold sales plummeted from 36 tons to a mere 3 tons. Türkiye emerged as the largest buyer, acquiring 8 tons of gold, followed by Kazakhstan and India, each purchasing 6 tons.

    Uzbekistan and Jordan saw significant reductions in their gold sales. 

    Uzbekistan's gold reserves fell by just 1 ton, a stark contrast to the more substantial sales in February and March.

    In May, the net volume of central bank purchases of precious metals amounted to 10 tons. While the volume of purchases decreased, sales showed a noticeable increase. Poland was the main buyer, with 10 tons of gold, followed by Türkiye with 6 tons and India with 4 tons. Kazakhstan became the leading seller globally, offloading 10 tons of gold.

    Since the beginning of the year, Uzbekistan has sold approximately 17-18 tons of gold, making it the second-largest seller after the Philippines. Other major sellers included Thailand, Jordan, and the island territories of St. Maarten and Curacao. Meanwhile, the main buyers of gold were Türkiye, China, and India.

    Uzbekistan's Gold Exports

    According to the Statistics Agency of Uzbekistan, the country exported gold worth $1.53bn in April and May. During these two months, the tonnage of gold in the country's reserves saw a slight decrease from 11.5mn troy ounces in March to 11.4mn in May.

    Earlier in the year, Uzbekistan was the largest gold seller globally in February and March. By the end of 2023, the country ranked second in net gold sales, just behind Kazakhstan.

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    03.07.2024, 23:06   Comments (0)   1220
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