Uzbekistan among top gold sellers in May

Gold and foreign exchange reserves of world central banks decreased by 27 tons in May. Compared to April, sales of the precious metal have more than halved, the World Gold Council said.

Türkiye again became the absolute leader in sales of gold with 63 tons. The active sale of the country's gold and foreign exchange reserves can be explained by the previous policy of the Central Bank of Türkiye to artificially support the national currency. In June, the regulator's refusal to conduct this course led to a sharp collapse of the Turkish lira.

Poland became the main buyer of gold in May - 19 tons. China was in second place with 16 tons, followed by Singapore, Russia, Iraq, India, the Czech Republic and Kyrgyzstan - all purchased under four tons.

According to the Statistics Agency, in May, Uzbekistan increased its gold exports to $1.3 billion. Over five months, the volume of precious metal supplies abroad amounted to $4.37 billion, an increase of 47.3% compared to the same period last year.

According to the statistics of the Central Bank, the gold reserves during May decreased by 9 tons physically and by almost $1 billion in equivalent.