Uzbekistan has sold more than 65,000 gold bars totaling 1.2 tons since 2020, while digital gold holdings reached 169.7 kg worth UZS 311.7bn ($24.6mn) in 2025, reflecting rapidly growing demand for gold investment.
According to the Central Bank of Uzbekistan, banks sold 65,150 gold bars between November 2020 and December 2025. Over the same period, 11,828 bars weighing 201 kg were bought back from the public.
Demand surged sharply in recent years. In 2024, gold bar sales reached 236 kg, nearly three times higher than the average of previous years (81 kg). In 2025, sales rose to 661 kg — an eightfold increase — exceeding total sales for 2020–2024 combined by 18.4%.
The number of bars sold in 2025 (33,939 units) also surpassed the combined total for the previous four years by 8.7%, highlighting a strong shift toward gold as a savings instrument.
Smaller denominations dominated demand, with 5-gram and 10-gram bars accounting for more than 60% of total sales. This trend coincided with rising prices, as five-gram gold bars exceeded UZS 10mn ($830) for the first time on January 26 amid strong global demand and broader economic factors.
Rise of digital gold investment
A notable new trend is the rapid growth of electronic gold purchases. Since late 2025, individuals have been able to buy and sell gold through unallocated metal accounts via banking apps without physical delivery.
By the end of 2025, banks formed gold deposits equivalent to 169.74 kg, with a total value of UZS 311.7bn ($24.6mn).
These accounts allow purchases starting from as little as 0.1 grams, making gold more accessible to retail investors. Prices are set by banks based on global benchmarks and can change throughout the day, while account balances are revalued daily in line with international gold prices.
Market expansion and profitability
Gold bar operations have expanded significantly, with the number of participating banks rising from 12 to 19 and sales outlets increasing from 34 to 170.
The Central Bank noted that gold bar returns outpaced average bank deposit rates in both national currency and US dollars during 2023–2025, driven by rising global gold prices.
Globally, demand for gold bars and coins reached 1,068 tons in 2025, up 24% year-on-year, reflecting strong investor interest in safe-haven assets.
Uzbekistan’s growing interest in gold is also reflected at the macro level. The country ranked among the world’s largest gold buyers in February 2026, purchasing 8 tons, while its gold and foreign currency reserves exceeded $77bn.
At the same time, Uzbekistan holds 390.3 tons of gold reserves, ranking 14th globally, underscoring the strategic role of gold in both national reserves and household investment behavior.
