Uzbekistan's international reserves top $50B amid global gold rally

According to a report by the Central Bank, the value of reserves grew by $1.34 billion compared to the previous month. During August, the foreign currency component decreased by $49 million, while the gold component increased by $1.38 billion, bringing its value to $40 billion.

The physical volume of gold reserves also rose from 11.7 million to 11.8 million troy ounces.

Boosted by global gold price hikes since the start of the year, Uzbekistan’s reserves have grown significantly, reaching a historic record of $50.087 billion by 1 September.

In addition, the value of securities purchased by the Central Bank increased slightly in August, totaling $1.016 billion.

The surge in gold prices has been closely tied to global markets. Between February and May, prices rose sharply due to geopolitical tensions and U.S. Federal Reserve policy. A short-term decline followed in July, but by August–September prices had rebounded, with a 3.4 percent increase recorded. Analysts attribute this trend to seasonal demand (particularly linked to the autumn wedding season in Asian markets) and broader global economic uncertainty.

On 5 September, the price of gold exceeded $3,570 per ounce for the first time in history.