Gold price dip leads to $8.1 billion drop in Uzbekistan’s international reserves

According to the latest report from the Central Bank of Uzbekistan, the valuation of the reserves was heavily impacted by market fluctuations. While the price of one troy ounce of gold climbed to $5,419 on March 2, average prices dropped to $4,785 by April 1. During the past month, the foreign currency portion of the reserves decreased by $1.26 billion, while the total value of the gold holdings fell by $6.82 billion. Interestingly, despite the drop in market value, the physical volume of gold within the country’s reserves actually increased from 13.1 million troy ounces to 13.4 million troy ounces.

The regulatory body’s portfolio of invested securities remained largely stable, hovering around the $1.5 billion mark. Prior to this decline, Uzbekistan’s reserve assets had been on a steady upward trajectory fueled by soaring international gold prices. Earlier in 2026, the price of the precious metal surpassed $5,000 due to extreme geopolitical tensions in the Middle East, global trade uncertainties, and concerns regarding the independence of the U.S. Federal Reserve and the fiscal stability of the United States.

However, the trend reversed in March as market prices for the precious metal began to cool. From the peak of $5,419 per troy ounce at the start of the month, the average price settled at $4,785 by the beginning of April, directly leading to the multi–billion dollar contraction in Uzbekistan’s total reserve valuation.