Central Bank of Uzbekistan leads gold market activity

The Central Bank of Uzbekistan sold 12 tons of gold in February, making it the world’s leading seller of the precious metal for that period. This was reported by the World Gold Council.

"The net sellers of February were Kazakhstan's National Bank (-8 tons) and Uzbekistan's Central Bank (-12 tons). Both central banks have maintained their positions as the leading net sellers since the beginning of the year," the Council's review stated.

It was noted that global demand for gold from central banks continues. According to February data, global central banks increased their gold reserves by 24 tons. Poland, China, Turkey, and Czechia remain the leading buyers among central banks in developing markets.

As of April 1, Uzbekistan's gold and foreign exchange reserves were reported to be $47.8 billion.

Earlier, it was noted that Uzbekistan purchased 8 tons of gold in January, achieving the highest figure globally for that month. As a result, the country's gold reserves reached 391 tons, accounting for 82% of its total reserves.