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