Uzbekistan took the second place among the countries that bought the most gold

The Central Bank of Uzbekistan bought 9 tons of gold in June and 9.6 tons in July of this year, increasing its gold reserves to 375 tons. This is stated in the report of the "World Gold Council".

According to him, in July, Uzbekistan took the second place among the countries that bought the most gold. Despite the increase in prices, the central banks' demand for gold strengthened in July.

Net purchases by central banks doubled to $37 million. The National Bank of Poland was the leading buyer, followed by the Central Bank of Uzbekistan and the Reserve Bank of India. According to forecasts, the central banks' demand for gold will continue in the coming months.

According to the analysis, in addition to Kazakhstan, seven central banks added a ton or more of gold to their reserves in July. The Central Bank of Kazakhstan was the only seller in July. Its gold reserves fell by 4 tonnes, reducing its gold reserves to 295 tonnes, or 55% of its total reserves.

Leading the way, the National Bank of Poland was the biggest buyer, adding a net 14 tonnes of gold to its reserves. This purchase increased its gold reserves to 392 tons or 15 percent of total reserves. Uzbekistan bought 9.6 tons of gold and increased its gold reserves to 375 tons. The Reserve Bank of India's gold reserves rose by 5 tonnes in July, meaning the bank has bought gold every month so far this year. From January to July, India's purchases of pure gold totaled 43 tons, and its reserves increased to 846 tons.

"Although the rise in gold prices may have some effect on the gold demand of Central Banks this year, the long-term trend of buying pure gold remains," the portal wrote.

According to the results of the latest survey conducted by the World Gold Council, although the price of gold has increased, the demand for its purchase may not decrease. The main reasons for this are related to the role of gold as a store of value and its importance during the crisis.

We remind you that earlier it was reported that the gold and currency reserves of Uzbekistan decreased by almost 294 million dollars.