Uzbekistan among the world’s biggest gold buyers in October

According to the World Gold Council (WGC), the Central Bank of Uzbekistan was among the leading buyers of gold in October.

Global central banks boosted their net gold purchases to 53 tonnes – a 36% increase compared with September. This marks the highest monthly total since the beginning of the year.

WGC data shows that Uzbekistan purchased 9 tonnes of gold in October, ranking third after Poland and Brazil, which each bought 16 tonnes.

The Bank of Indonesia acquired 4 tonnes, the Central Bank of Turkey bought 3 tonnes, while the national banks of the Czech Republic and Kyrgyzstan each added 2 tonnes. The central banks of Ghana, China, Kazakhstan and the Philippines purchased more than 1 tonne each.

Russia was the only central bank to report a decline in reserves, reducing its holdings by 3 tonnes.

From January to October, global central banks made net purchases of 254 tonnes of gold. This is lower than in the previous three years, which WGC analysts attribute to high prices. However, sustained demand from emerging economies indicates that these purchases remain strategic.

The WGC notes that its annual survey shows 95% of central banks expect global gold reserves to continue growing in 2026.

Since the start of the year, Poland’s central bank has been the largest buyer with 83 tonnes, followed by Kazakhstan with 41 tonnes. Uzbekistan ranks second in net gold sales (slightly over 10 tonnes), behind Singapore.

Over the first ten months of the year, Uzbekistan exported a record $9.9 billion worth of gold – 1.5 times more than in the same period last year. Gold accounts for 37.1% of the country’s total exports.

By the end of October, Uzbekistan’s international reserves approached USD 60 billion – the highest level since statistics have been recorded. The increase was largely driven by rising gold prices, with gold accounting for more than 80% of the country’s total reserves.