Uzbekistan significantly reduced gold sales in April and May — WGC

Uzbekistan significantly reduced its gold sales abroad in April and May, according to data from the World Gold Council (WGC).

In April, gold reserves of central banks worldwide increased by 33 tons, slightly exceeding the February level. The volume of precious metal purchases remained almost at the March level (36 tons), while sales decreased twelvefold — from 36 to 3 tons. Turkey was the largest buyer with 8 tons, followed by Kazakhstan and India (6 tons each).

Notable gross sales were limited to the Central Banks of Uzbekistan and Jordan. Both reported a 1-ton decline in their gold reserves, a notable reduction in the pace of selling seen in February and March.

In May, the net volume of precious metal purchases by central banks amounted to 10 tons. During this period, the volume of purchases decreased, while sales increased significantly. The main buyer of precious metal was Poland with 10 tons. Turkey (6 tons) and India (4 tons) were in second and third places. Kazakhstan sold 10 tons of gold, becoming the largest seller in the world.

Since the beginning of the year, Uzbekistan has sold 17-18 tons of gold, ranking second after the Philippines. The top five largest sellers in the world include Thailand, Jordan, as well as the islands of Sint Maarten and Curacao. The main buyers of gold are Turkey, China, and India.

According to the Statistics Agency, in April and May, Uzbekistan exported gold worth a total of $1.53 billion. Over the two months, the tonnage of gold in reserves slightly decreased — from 11.5 million troy ounces in March to 11.4 million troy ounces in May.

In February and March, Uzbekistan became the largest gold seller in the world. By the end of 2023, the republic ranked second in net precious metal sales, slightly behind Kazakhstan.