Uzbekistan’s gold reserves surge by nearly $12 billion in three months

Uzbekistan’s gold reserves have experienced a substantial increase during the first quarter of 2026, growing by nearly $12 billion in value. According to the Central Bank of Uzbekistan, the country’s gold holdings reached a total valuation of $67.7 billion as of March 1, 2026.

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This figure represents a significant jump from the $55.1 billion recorded at the beginning of the year. The growth is attributed to both an increase in the physical volume of the precious metal and the rising price of gold on international markets.

During this three-month period, the physical quantity of gold held in the national reserves rose from 12.6 million troy ounces to 13.1 million troy ounces. While the accumulation of physical gold played a role, experts point to the surge in global gold prices as a primary driver behind the sharp increase in the total value of the reserves.

Financial analysts emphasize that gold remains a critical safe-haven and strategic asset, particularly during intervals of global economic uncertainty and geopolitical instability. As a highly liquid asset that maintains its value over the long term, gold serves as a natural hedge against inflation and currency devaluation.

The strengthening of these reserves provides Uzbekistan with a more robust financial cushion, enhancing the country's macroeconomic stability and creditworthiness in the face of fluctuating global market conditions.