Uzbekistan’s gold holdings hit record 423 tons despite dip in total reserve value

The decline was driven in part by a contraction in foreign currency reserves, which fell from $8.72 billion to $8.57 billion over the course of May.

Concurrently, the total financial value of the state's gold reserves dipped by $156 million, settling at $61.4 billion. This drop in value occurred despite a steady increase in physical accumulation. The Central Bank expanded its physical gold volume by 280,000 troy ounces (approximately 8.7 tons) during the month, pushing total holdings to an unprecedented 13.6 million troy ounces – equivalent to roughly 423 tons. This volume marks the highest physical gold reserve level recorded in the country’s modern history.

The divergence between a higher physical volume and a lower financial valuation stems entirely from shifts in global commodity markets. According to the regulator's assessment, the market price of gold dropped by 2.6% during May, sliding from $4,625.80 to $4,516.85 per troy ounce. This downward price correction single-handedly reduced the book value of Uzbekistan's existing stockpiles by approximately $1.5 billion.

This valuation drop continues a pattern of intense volatility for the national reserves, heavily tied to the fluctuating global price of bullion. Market revaluations previously boosted the reserves by $2.9 billion in December, $8.6 billion in January, and $1.4 billion in February. Conversely, a sharp market decline in March erased $8.3 billion from the balance sheet, before a brief market recovery in April restored roughly $1 billion to the state portfolio.