The Central Bank of Uzbekistan became one of the largest gold buyers among global central banks in October 2025, according to data from the World Gold Council (WGC).
Central banks worldwide increased net gold purchases to 53 tons in October, up 36% from September, marking the highest monthly total so far this year.
Uzbekistan contributed significantly to this surge, purchasing 9 tons of gold and ranking third globally behind Poland and Brazil, which each acquired 16 tons.
Other central banks with notable purchases included Indonesia (4 tons), Turkiye (3 tons), and the Czech Republic and Kyrgyzstan (2 tons each).
Banks in Ghana, China, Kazakhstan, and the Philippines also added more than 1 tonne each. The only central bank to report a decline in gold reserves was Russia, which sold 3 tons.
From January to October, global central banks purchased a net total of 254 tons of gold, slightly lower than in the previous three years due to high prices.
However, sustained demand from developing countries underscores the strategic nature of these acquisitions. According to WGC’s annual survey, 95% of central banks expect further growth in global gold reserves in 2026.
Since the beginning of 2025, the National Bank of Poland has been the largest gold buyer with 83 tons, followed by Kazakhstan with 41 tons.
Interestingly, Uzbekistan also ranks second in net gold sales among central banks, just behind Singapore, with over 10 tons sold.
As of November 1, Uzbekistan’s gold and foreign exchange reserves reached historic highs, approaching the $60bn mark. The Central Bank of Uzbekistan reported total reserves of $59.3bn, reflecting a $4.3bn increase in October and a nearly $18.2bn rise since the start of the year.
Gold remains the dominant component of the country’s reserves, accounting for $47.8bn, up $3.6bn from the previous month. Uzbekistan’s gold holdings reached 11.9mn troy ounces (337.3 tons) in October, an increase of 300,000 ounces (8.5 tons) compared to September. At the start of the year, the country’s gold reserves stood at 12.3mn ounces.
