Uzbekistan ranks among world’s top gold buyers in November

In November, Uzbekistan became one of the three largest buyers of gold globally, according to a report by the World Gold Council.

Based on data from the International Monetary Fund and open sources, net gold purchases by central banks totaled 45 tons in November. Steady demand for the precious metal was supported by the active buying of central banks in emerging economies.

The largest buyer was the Central Bank of Poland, which continued purchases for a second consecutive month, acquiring 12 tons. It was followed by the regulators of Brazil with 11 tons, Uzbekistan with 10 tons, and Kazakhstan with 8 tons. In addition, the Czech Republic, China, and Indonesia purchased smaller volumes.

At the same time, only the central banks of Jordan, which sold 2 tons, and Qatar, which sold 1 ton, were net sellers of gold.

Since the beginning of the year, Uzbekistan has been among the world’s three largest sellers of precious metals, trailing only Singapore and Russia. The main buyers during this period have been Poland, Kazakhstan, and Brazil.

In November, Uzbekistan completely halted gold exports. This marked the fourth month of the past year in which the Central Bank did not sell precious metals. Over the first 11 months of 2025, gold exports exceeded $9.9 billion – an increase of 49.4 percent year over year.

As of December 1 last year, international reserves reached $61.23 billion, rising by $1.89 billion over the month, or 3.2 percent. This represented the fifth consecutive month of growth. Since the beginning of the year, reserves have increased by 48.49 percent.

The country’s gold reserves also reached a historical high of $50.85 billion. The value of the precious metal increased by $3.01 billion, while the physical volume rose to 12.2 million ounces – up by 0.3 million ounces over the month.