Central Bank of Uzbekistan Ranks Among Top Gold Buyers in Q3
Central Bank Gold Purchases Decrease by 27% in Third Quarter of 2022
According to the World Gold Council, central banks worldwide purchased a total of 337 tons of gold from July to September, marking a 27% decrease compared to the same period in 2022.
The majority of the gold purchases were made by several leading players in the market. The only active seller during this quarter was the National Bank of Kazakhstan, which sold 4 tons of precious metal.
The leading buyer of gold during this period was the People’s Bank of China, which added 78 tons to its reserves. As a result, the bank’s total gold reserves now amount to 2,192 tons. Following closely behind is the National Bank of Poland, which purchased 57 tons, bringing its total reserves to 334 tons.
After a significant downward trend in sales during the spring, the Central Bank of Türkiye resumed its gold purchases by adding 39 tons to its reserves, securing the third rank in the World Gold Council’s ranking. The Reserve Bank of India followed behind with a purchase of 9 tons.
Rounding out the top 5 is the Central Bank of Uzbekistan, which increased its gold reserves by 6.5 tons during the third quarter. However, the country’s overall reserves decreased by more than 12 tons since the beginning of the year.
These figures align with the Central Bank’s own information on gold and foreign exchange reserves. The bank reported that its gold reserves increased from 376.2 tons on July 1 to 382.57 tons three months later.
The regulator’s reserves experienced the largest reduction in July, with a decrease of 9.3 tons. However, the Statistics Agency noted a revenue of $1.26 billion from the export of precious metals during the same month.
In August, the Central Bank bought 9 tons of gold, nearly compensating for the reduction seen in July. The remaining 7 tons were purchased in September.
According to the Central Bank’s data, expenses for the purchase of monetary gold increased by almost 20% during the July-September period.
Overall, central banks’ gold purchases decreased in the third quarter of 2022. However, several leading buyers, including the People’s Bank of China and the National Bank of Poland, continued to increase their gold reserves, indicating confidence in the precious metal’s long-term value.
