Gold reserves grow as Uzbekistan ranks second in global purchases

Net gold purchases by central banks worldwide totaled 53 tons in November, continuing a trend observed throughout 2024. This uptick is attributed to sustained demand from regulators and a decline in gold prices influenced by political developments in the U.S.

Poland led the list of gold buyers, adding 21 tons in November to reach total reserves of 448 tons. With 90 tons purchased over the year, Poland remains the largest buyer of the precious metal in 2024. Uzbekistan ranked second with its 9-ton purchase, followed by India, which added 8 tons, increasing its annual total to 73 tons.

Other notable buyers in November include Kazakhstan and China (5 tons each), Jordan (4 tons), Turkey (3 tons), the Czech Republic (2 tons), and Ghana (1 ton). Singapore, on the other hand, was the largest seller of gold, reducing its reserves by 5 tons.

As of December 1, Uzbekistan’s international reserves stood at $41.47 billion, a decrease of $1.67 billion compared to the previous month. This decline was attributed to the devaluation of gold reserves and a reduction in the foreign currency portion of the reserves. It marked the first drop in Uzbekistan's gold and foreign currency reserves since March.

Despite this decline, the Central Bank’s gold acquisition highlights Uzbekistan’s strategic approach to leveraging global market conditions to bolster its reserves. The country's total net gold purchases for 2024 reached 11 tons.

The World Gold Council notes that central banks continue to view gold as a reliable asset amid geopolitical and economic uncertainties. Uzbekistan’s strategic gold purchases reflect its commitment to diversifying reserves and strengthening economic stability.