Uzbekistan remains world’s top gold seller despite global buying trend

Based on data from the International Monetary Fund and open sources, global central banks purchased a total of 39 tons of gold in September – the highest monthly figure recorded in 2025. In total, 43 tons of the precious metal were acquired.

The largest buyer was the Central Bank of Brazil, which purchased 15 tons. It was followed by the regulators of Kazakhstan (8 tons) and Guatemala (5 tons). Russia, Turkey, the Czech Republic, China, and Ghana also made smaller purchases.

Uzbekistan’s Central Bank stood out as the only gold seller, offloading 4 tons of the metal. On an annual basis, Uzbekistan retained its position as the world’s largest gold seller with 21 tons, ahead of Singapore and Russia.

At the beginning of the year, the Central Bank of Uzbekistan had been actively selling gold. However, starting from the summer months, the regulator shifted its strategy toward purchasing the precious metal.

It should be noted that between January and September, Uzbekistan reached a historic record in gold exports, selling gold worth $9.9 billion. In September alone, exports amounted to $1.5 billion, with gold accounting for 37.1 percent of total exports.

In the same month, Uzbekistan’s foreign exchange reserves rose by $4.9 billion, hitting a new all-time high of $55 billion. Since the beginning of the year, reserves have grown by 33.5 percent, largely due to the increased value of gold holdings. The value of gold in reserves rose by $4.2 billion to $44.2 billion, although its physical volume declined slightly from 11.8 million to 11.6 million troy ounces.