Uzbekistan’s gold holdings drive reserves to historic highs

As of January 1, 2026, international assets held by the regulator reached $66.31 billion. Over the past month, reserves increased by $5.07 billion (+8.3%), while over the course of 2025 they grew by 61%.

The value of gold held in the Central Bank’s vaults has been setting records for the sixth consecutive month, reaching $55.09 billion – $4.2 billion (+8.32%) more than a month earlier. The physical volume of the precious metal rose to 12.6 million troy ounces (391.9 metric tons). In December, the regulator replenished its gold reserves by approximately 0.4 million ounces (12.4 metric tons).

By the end of 2025, the global price of gold exceeded $4,500 per ounce. Despite a recent correction, experts allow for the metal’s price to rise to $5,000 in 2026.

The foreign currency portion of the reserves increased by $829.1 million (+8.45%) to $10.64 billion. Of this amount, $1.48 billion is placed with foreign central banks and the International Monetary Fund, while $7.6 billion is held in accounts with other foreign credit institutions.

The value of foreign securities purchased by the Central Bank rose slightly to $1.53 billion; however, their share in the overall structure of reserves declined to 2.31%.