For the second consecutive month, Uzbekistan has emerged as a leading player in global gold procurement according to a report by the World Gold Council. The Central Bank of Uzbekistan purchased nearly 10 tons of gold in July, bringing its total gold holdings to 375 tons. This recent acquisition has shifted the country from a net seller to a net buyer on a year-to-date basis, with a positive balance of 3 tons.
The global trend of central banks bolstering their gold reserves continued in July, with a total increase of 37.1 tons, according to data from the World Gold Council. The National Bank of Poland led the charge, adding a substantial 14.3 tons to its reserves, marking its largest monthly increase since November 2023.
Uzbekistan's purchase of 9.6 tons of gold positioned it as the second-largest buyer in July, following closely behind Poland. The Reserve Bank of India (RBI) came in third with an addition of 5.4 tons, continuing its steady accumulation of gold each month this year. Other notable buyers in July included the Central Bank of Jordan, which increased its reserves by over 4 tons, marking its third consecutive month of net purchases. The Central Bank of Turkey also continued its long-standing gold buying streak, adding 3.8 tons in July. This marks the 14th consecutive month of net purchases for Turkey, pushing its official gold reserves to a new record high of 589 tons. The Qatar Central Bank and the Czech National Bank (CNB) were also active buyers in July, adding 2.3 tons and 1.6 tons respectively.
In June 2024, Uzbekistan emerged as one of the world's top gold buyers, with the Central Bank purchasing 9 tons of gold, placing it alongside the Reserve Bank of India as leading buyers, according to the World Gold Council. This activity marks a significant shift after Uzbekistan had been a major seller earlier in the year, with net gold sales totaling 7 tons since the start of 2024. Despite this, Uzbekistan's gold reserves have reached a record high, comprising three-quarters of the country’s $36.3bn in international reserves, driven by increased domestic gold purchases amid challenging global economic conditions.
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