Uzbekistan halts gold exports for second consecutive month

Uzbekistan sold gold worth a record amount over the first 11 months of 2025, according to a report by the National Statistics Committee.

Last month, Uzbekistan completely suspended gold exports. This marked the fourth month this year in which the Central Bank did not sell the precious metal – January, June, October, and November.

In the remaining months, export volumes stood at $1.73 billion in February, $1.84 billion in March, $1.91 billion in April, $1.01 billion in May, $1.09 billion in July, $836 million in August, and $1.47 billion in September.

From January through November, gold exports exceeded $9.9 billion, up 49.4 percent year on year. Gold accounted for roughly one-third of total exports and 41.6 percent of merchandise exports.

Gold exports over the 11-month period significantly surpassed the previous historical record set in 2023, when shipments totaled $8.15 billion.

In November, Uzbekistan’s gold and foreign exchange reserves reached another all-time high, climbing to $61.23 billion – an increase of $1.89 billion from the previous month. The value of gold held in the Central Bank’s vaults rose by $3.01 billion to a record $50.85 billion. This growth was driven by an increase in physical reserves, which expanded from 11.9 million to 12.2 million troy ounces, or 379.46 metric tons.

Over nine months, the Navoi Mining and Metallurgical Company (NMMC) produced goods worth UZS 95.3 trillion, up 42.7 percent compared with the same period last year. Gold output totaled 2.34 million troy ounces, a 2 percent year-on-year increase.

The state-owned company closed the first half of the year with record revenue and profit. Revenue reached an all-time high of $4.7 billion, up 40.9 percent year on year, while net profit surged 71.8 percent to $1.51 billion.