Uzbekistan emerged as the world’s top gold buyer in June 2025, purchasing 9 tons of the precious metal, according to data from the World Gold Council. The acquisition marks the country’s return to gold accumulation following a four-month pause in purchases.
Global central banks collectively bought 22 tons of gold in June, continuing a three-month trend of modest increases in demand. Uzbekistan led the monthly tally, followed by Kazakhstan with 7 tons. China, Turkey, and the Czech Republic each added 2 tons to their reserves, while Ghana, Qatar, the Philippines, and Kyrgyzstan purchased 1 ton apiece.
Singapore was the largest seller in June, offloading 6 tons of gold.
Despite Uzbekistan’s strong showing in June, the country has been active on both sides of the market this year. In the first half of 2025, Uzbekistan sold approximately 18 tons of gold—more than any other country—highlighting its dynamic approach to managing reserves. Singapore followed with 16 tons in sales, while Russia and Germany trailed behind.
From January through June, central banks worldwide acquired a total of 123 tons of gold. Although this is slightly below the 130 tons purchased during the same period last year, demand remains robust. The top accumulators so far in 2025 include Poland with 67 tons, Azerbaijan with 35 tons, and Kazakhstan with 22 tons.
Earlier, between January and May 2025, Uzbekistan exported $6.6bn worth of gold, making up 43.8% of the country’s total export earnings. This marks a 56.9% year-on-year increase in gold exports.
By July 1, Uzbekistan’s gold reserves had decreased to 355.5 tons, valued at $37.6bn, down from 382.5 tons at the start of the year.
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