Uzbekistan Soars in Global Gold Purchases Top 10
Global gold demand reached a record high in 2024, totaling 4,974 tons, with a 1% increase from the previous year. This surge was driven by strong purchases from central banks and investor interest, according to the World Gold Council (WGC).
One country that significantly contributed to this growth was Uzbekistan, whose gold production rose by 8% in 2024. This increase was fueled by higher output at the Almalyk Mining and Metallurgical Complex (AMMC) and Navoi Mining and Metallurgical Company (NMMC). Additionally, Uzbekistan’s central bank made net purchases of 11 tons of gold, positioning the country as the ninth-largest gold buyer globally.
In November, the Central Bank of Uzbekistan, together with Poland, emerged as one of the two largest gold buyers worldwide. The WGC suggested that the decrease in gold prices following the U.S. elections may have prompted some central banks to make additional purchases.
Key trends in 2024 included central banks collectively acquiring over 1,000 tons of gold for a third consecutive year, with notable buyers such as Poland, Türkiye, and India. Investment demand for gold also surged by 25%, reaching 1,180 tons.
The average gold price in 2024 stood at $2,300 per ounce, marking a 23% increase. Furthermore, in the fourth quarter, the price of gold reached a record high of $2,600 per ounce.
Looking ahead to 2025, experts anticipate that the demand for gold will remain robust. Central banks are projected to continue bolstering their reserves, while investors are expected to seek gold as a safe-haven asset amidst economic uncertainties. However, the high prices may put pressure on jewelry demand.
Uzbekistan’s gold market is likely to be influenced by domestic macroeconomic factors such as currency policies, inflation, and export market conditions. Given the ongoing global trend of increasing gold reserves, Uzbekistan may persist in accumulating gold as a key asset in its strategic planning.
