Uzbekistan’s Gold Sales Drop Drastically in April and May, Reports WGC
Uzbekistan’s Gold Sales Decline in April and May
Recent data from the World Gold Council (WGC) reveals that Uzbekistan experienced a significant reduction in its gold sales abroad during the months of April and May. In April, while the gold reserves of central banks worldwide increased by 33 tons, Uzbekistan reported a notable decline in its gold sales. The volume of precious metal purchases remained steady, but sales decreased significantly, with only 3 tons sold compared to 36 tons in March. Turkey emerged as the largest buyer, followed by Kazakhstan and India.
In May, the trend continued with a net volume of 10 tons of precious metal purchases by central banks. Poland became the main buyer with 10 tons, while Kazakhstan stood out as the largest seller, selling 10 tons of gold during this period. Uzbekistan, which sold 17-18 tons of gold since the beginning of the year, ranked second globally in gold sales, following the Philippines.
According to the Statistics Agency, Uzbekistan exported gold worth $1.53 billion in April and May. Although the tonnage of gold in reserves slightly decreased from March to May, Uzbekistan had previously been the largest gold seller in the world in February and March. By the end of 2023, the country is expected to rank second in net precious metal sales, just behind Kazakhstan.
Overall, Uzbekistan’s gold sales have fluctuated in recent months, reflecting the evolving dynamics of the global precious metal market. With key players like Turkey, China, and India continuing to drive demand, the country’s position in the international gold trade remains a topic of interest for economists and investors alike.
