Uzbekistan has become the world’s leading gold seller in 2025, exporting 27 tons of the precious metal in the first half of the year, according to the latest data released by the International Gold Council.
Between January and May 2025, Uzbekistan exported gold worth $6.6bn, accounting for 43.8% of its total export revenues. This represents a 56.9% increase in gold sales compared to the same period last year.
The Central Bank of Uzbekistan sold 1 ton of gold in May alone, placing it alongside Germany’s Bundesbank as one of the top sellers for the month. However, when looking at the year to date, Uzbekistan leads by a wide margin, followed by Singapore, which sold 10 tons of gold in total.
As of July 1, 2025, Uzbekistan’s gold reserves stood at 355.5 tons, valued at $37.6bn. At the beginning of the year, the reserves totaled 382.5 tons.
Despite the slowdown in gold buying, central banks around the world added a total of 20 tons of gold to their reserves in May—4 tons more than in April.
Kazakhstan’s central bank was the top buyer in May, acquiring 7 tons of gold, bringing its total purchases in 2025 to 15 tons. The country’s overall reserves now amount to 299 tons.
Turkey and Poland each purchased 6 tons of gold in May. Notably, Poland has emerged as the largest buyer so far this year, having added 67 tons since January. Other buyers include China and the Czech Republic, with 2 tons each, and Kyrgyzstan, Cambodia, the Philippines, and Ghana, each purchasing 1 ton.
Strategic Shift Toward Gold
The International Gold Council’s 2025 survey highlights a growing trend among central banks to increase their gold holdings amid rising geopolitical uncertainty and concerns over currency volatility.
“Gold remains a top priority for central banks around the world,” the report stated. “95% of surveyed institutions believe official gold reserves will continue to grow, up from 81% last year.”
In particular, developing countries have shown a stronger inclination to boost their reserves, viewing gold as a safe haven and a tool for diversification. Over the past three years, central banks globally have purchased more than 1,000 tons annually—double the average annual volume of the previous decade.
The survey also revealed that 76% of respondents expect the share of gold in global reserves to grow in the next five years, while 73% anticipate a decline in the share of US dollar holdings.
Rising tensions in the Middle East have further enhanced gold's appeal as a strategic asset. The International Gold Council noted that central banks increasingly view the metal as a hedge against political risks and a way to strengthen financial stability.
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