Uzbekistan’s Central Bank Among Top Global Gold Buyers in July: WGC Report
In July, the Central Bank of Uzbekistan Ranks Among Top Gold Buyers Globally
According to the World Gold Council, in July, the Central Bank of Uzbekistan was ranked among the top three global gold buyers. Financial regulators worldwide increased their gold reserves by 37 tons, which is three times more than in June. The total purchase volume amounted to 41 tons, showing a one-third increase compared to the previous month.
The National Bank of Poland acquired the most gold with 14 tons, reaching a monthly maximum since November 2023. Currently, its reserves are estimated at 392 tons, with 33 tons acquired between April and July.
Securing second place was the Central Bank of Uzbekistan with a purchase of 10 tons. The republic’s total reserves reached 375 tons, showing an increase for the first time this year.
The Reserve Bank of India came in third, buying 5 tons of gold in a month. Its total gold reserves now stand at 846 tons, with a total increase of 43 tons since the beginning of the year.
Other countries making gold purchases included Jordan, Turkey (4 tons each), and Qatar and the Czech Republic (2 tons each). The only major seller was the National Bank of Kazakhstan, which sold 4 tons, leaving its gold reserves at 295 tons as of early August.
According to the Central Bank’s data, Uzbekistan’s gold reserves as of August 1 stood at 376.3 tons, an increase of 12.4 tons from July. The value of these reserves reached a new peak of $29.15 billion, accounting for nearly 78% of the republic’s total international assets.
