Uzbekistan emerged as the world’s largest gold buyer in January 2025, with the Central Bank purchasing 8 tonnes of the precious metal, according to a report by the World Gold Council (WGC).
Global central banks maintained strong interest in gold during the period, with net purchases totaling 18 tonnes. The WGC attributes this trend to the strategic importance of gold in reserves amid rising geopolitical uncertainties.
Following Uzbekistan, the Bank of China ranked second with net purchases of 5 tonnes, bringing its total gold reserves to 2,285 tonnes—approximately 6% of its total assets.
The Central Bank of Kazakhstan secured third place with 4 tonnes of gold acquisitions. Other significant buyers included Poland and India (3 tonnes each), the Czech Republic (2 tonnes), and Qatar (1 tonne).
Meanwhile, Russia and Jordan each sold 3 tonnes of gold, while Kyrgyzstan reduced its reserves by 2 tonnes.
Uzbekistan's international assets saw substantial growth, increasing by $1.72bn in January to approach a record $42.9bn. The country's gold reserves also hit an all-time high in value, surpassing $35bn. However, foreign exchange reserves declined significantly.
In November 2024, Uzbekistan ranked as the world's second-largest gold buyer with the Central Bank acquiring 9 tonnes of gold, marking its first reserve increase since July. By the end of November, the country's total gold reserves stood at 382 tonnes, with 11 tonnes purchased over the year.
Uzbekistan Expands Gold Market for Public Investment
The Central Bank has been actively shaping the gold market, launching gold coins for the public in 2018 and gold bars in 2020. These measures aim to lessen the country’s dependence on foreign currencies while offering citizens a stable investment option.
Under existing regulations, individuals can buy gold coins and bars from commercial banks, with prices adjusted daily. Buyers are also permitted to take their gold purchases abroad, provided they meet the necessary requirements.
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