In February of this year, the Central Bank of Uzbekistan made headlines as the largest seller of gold, selling 12 tons of the precious metal, the World Gold Council (WGC) reports. This transaction underscores Uzbekistan's role in the global gold market and sheds light on evolving dynamics within the precious metal industry.
Uzbekistan's Gold Sales
The Central Bank of Uzbekistan sold a substantial 12 tons of gold in February, cementing its position as a key player in the gold trade. The magnitude of this transaction underscores Uzbekistan's strategic approach to managing its gold reserves and navigating market conditions.
While Uzbekistan led in gold sales, central banks worldwide engaged in varied transactions during the same period. The total volume of gold purchased by central banks in February amounted to 19 tons, marking a notable 58% decrease compared to the previous month.
Key Players
Among the noteworthy transactions, the Central Bank of Jordan emerged as the second-largest seller of gold, with a total of 4 tons sold. Conversely, significant purchases were recorded from key players such as the People's Bank of China, acquiring 12 tons of gold, and the National Bank of Kazakhstan, securing 6 tons of the precious metal. Additionally, the Central Bank of Turkey bolstered its gold reserves with an acquisition of 4 tons.
The Central Bank of Uzbekistan's substantial gold sale reflects broader trends in the global gold market, influenced by factors such as economic conditions, geopolitical developments, and central bank strategies. As central banks adjust their gold reserves, market participants closely monitor these transactions for insights into shifting dynamics and investment opportunities.
Earlier, it was reported that Uzbekistan recorded a notable increase in gold exports, selling $1.32 bn worth of gold, in February 2024. This represents an 11.5% rise compared to the same period in the previous year when gold exports totaled $1.18 bn.
Additionally, Uzbekistan's foreign trade turnover for January-February 2024 has surged to $9.2bn, marking a substantial year-on-year increase of 10.5%, with gold exports contributing $1.3bn.
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