In September 2025, Uzbekistan stood out as the world’s only country to sell gold, while other nations expanded their reserves, according to the World Gold Council.
Global central banks collectively purchased 39 tons of gold during the month, bringing total acquisitions since the beginning of the year to 200 tons — slightly below the 215 tons recorded over the same period in 2024.
The Brazilian Central Bank led September’s purchases with 15 tons, followed by Kazakhstan (8 tons), Guatemala (6 tons), and Russia (3 tons). Turkey, China, the Czech Republic, and Ghana also increased their gold holdings by 1–2 tons each.
Uzbekistan, in contrast, reduced its reserves by selling 4 tons of gold in September — making it the only seller among global central banks.
Gold export boom and record reserves
As per the Statistics Committee, Uzbekistan exported gold worth $1.5bn in September alone. Between January and September 2025, gold exports totaled $9.9bn, marking a 70.9% year-on-year increase — the highest figure ever recorded, even on an annual basis.
As of October 1, 2025, Uzbekistan’s gold and foreign exchange reserves reached $55bn, another record high. Of this, $44.2bn were held in gold (up from $40bn in August), with the remainder in foreign currency and securities.
Despite the rise in the total value of gold holdings, the physical volume of Uzbekistan’s gold reserves has slightly decreased due to active sales and rising global gold prices. By October 1, reserves stood at 11.6mn ounces (409,100 tons), compared to 11.8mn ounces (416,200 tons) in August and 12.3mn ounces (433,800 tons) at the beginning of September.
