Uzbekistan Leads Global Gold Sales for Second Month in a Row
Uzbekistan Maintains Gold Supremacy in March 2025
In March 2025, Uzbekistan continued its impressive streak as the world’s largest gold seller, exporting 11 tons of gold. This marks the second consecutive month that the Central Asian nation has topped global gold sales, having reported a total of 15 tons sold in the first quarter of 2025.
According to the World Gold Council (WGC), Uzbekistan’s 11 tons sold in March were the highest volume recorded worldwide for the month. In contrast, central banks globally purchased a total of 35 tons of precious metals during the same period, with 18 tons sold across the board.
Among the largest gold purchasers, Poland led the way with 16 tons, followed closely by Kazakhstan with 11 tons and China with 3 tons. The key sellers included Uzbekistan (-11 tons), Singapore (-5 tons), and Kyrgyzstan (-2 tons).
Uzbekistan’s dominance in the gold market is not new. In February 2025, the country sold 12 tons of gold, and in January of the same year, the Central Bank increased its gold reserves by 8 tons, positioning itself as one of the major gold buyers globally.
The economic impact of gold exports for Uzbekistan is significant. As reported by the State Committee on Statistics, the country exported $3.57 billion worth of gold in the first quarter of 2025, a remarkable 34% increase compared to $2.66 billion in the same quarter of 2024. Additionally, gold’s contribution to Uzbekistan’s total exports grew from 40.9% to 44%.
While the physical volume of gold in Uzbekistan’s foreign exchange reserves has seen a decline, the value of these reserves has soared due to record-high gold prices, showcasing the nation’s resilient position in the global gold market.
