Uzbekistan resumes gold exports after six-month pause

After halting shipments in the aftermath of September 2025, Uzbekistan has resumed exports of non-monetary gold, earning $1.5 billion in the first four months of 2026, with the bulk of sales concentrated in April.

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The data comes from the National Statistics Committee.

The pause lasted roughly half a year. During that period, the Central Bank shifted course dramatically, becoming one of the world's largest buyers of the precious metal rather than a seller. The strategy was deliberate: record-high global gold prices made holding – rather than selling – the more profitable move, while the government also sought to build up its foreign exchange reserves and manage its strategic stockpiles more carefully.

Uzbekistan mines around 130 tonnes of gold annually, making the sector a cornerstone of the national economy. Gold continues to serve as a key buffer for state finances, contributing meaningfully to both export revenues and the national budget.

The decision to pause exports has since proved well-founded. By the time shipments resumed, prices remained elevated, and the $1.5 billion earned in just four months reflects the gains that came from waiting out the market.