Uzbekistan's gold and foreign exchange reserves have hit a record high, rising by $2.9bn m/m to reach $47.85bn, the highest level since 2013, according to the Central Bank of Uzbekistan.
As of March 2025, Uzbekistan's foreign exchange reserves rose from $9.5bn to $10.4bn. Additionally, the Central Bank’s assets in international securities increased from $202.5mn to $203.1mn, contributing to the overall rise in reserves.
The value of gold in reserves also saw a notable increase, from $34.9bn to $36.9bn, although its physical volume slightly declined from 12.2mn to 11.8mn troy ounces.
This was due to an increase in the price of gold, which surged by 9.6% in March, reaching $3,120 per troy ounce by the end of the month, up from $2,857.78 at the beginning of the month.
For the first time in history, the price of gold exceeded $3,200 per ounce. On April 2, 2025, the price of gold reached $3,166.2, a 0.64% increase from the previous day.
This sharp increase in the gold market came after the U.S. President Donald Trump’s announcement of new import duties, including a 10% tariff on Uzbek goods. In some cases, duties for certain countries have reached as high as 50%.
Gold Price Outlook
Gold prices have already risen by more than 21% in 2025, following a 27% increase in 2024, driven by factors such as accommodative monetary policy, active purchases by central banks, and strong demand from investors seeking safe assets.
Several major financial institutions, including Goldman Sachs, have revised their gold price forecasts. Goldman Sachs analysts predict that gold prices could reach $3,300 per ounce by the end of 2025, citing increased demand from central banks.
Similarly, Morgan Stanley analysts suggest that the price of gold could rise further, potentially reaching $3,400 per ounce by the end of the year.
In January 2025, Uzbekistan became the top gold buyer globally, with the Central Bank purchasing 8 tonnes of the precious metal.
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