Uzbekistan ranks 17th in the world in gold reserves

According to the results of September 2019, Uzbekistan is among the TOP-20 largest gold holders in the world, Spot writes with reference to the World Gold Council (WGC) data.

The first place is occupied by the United States, which holds 8133.5 tons of gold. Germany is in the second place (3366.8 tons), the International Monetary Fund (2814 tons) - the third. Also, the TOP-5 includes Italy (2451.8 tons) and France (2436.1 tons).

Uzbekistan ranks 17th with 325.7 tons of gold. This is 56.2% of the country’s total reserves. It is followed by Saudi Arabia (323.1 tons) and preceded by Turkey (362.5 tons).

Uzbekistan has begun to inform the Council about its reserves since March – then it was in the 16th place with 348.4 tons. The reduction can be explained by the fact that gold exports reached record-level in five years.

Every year, the country sells gold at 70-80 tons per year: in 2016 – 70 tons, in 2017 – 80 tons, in 2018 – again 70 tons. Besides, 80 tons are planned to be sold in 2019.

It is predicted that global average gold prices this year will rise up to $1,320 per troy ounce. In 2018, the average price was $1,268, in 2017 – $1,258 and in 2016 – $1,248.