Central Bank of Uzbekistan increases gold holdings to 414 tonnes amid global reserve build-up

Following a brief sell-off in March, monetary regulators globally have resumed building up their bullion stockpiles, collectively adding 19 tonnes to their official reserves in April.

The National Bank of Poland led global procurement by acquiring 14 tonnes during the month. Warsaw has expanded its gold holdings by 8.2% since the start of the year, pushing its total stockpile to 595 tonnes, which now constitutes roughly 30% of Poland's total international reserves in monetary terms.

Despite selling 1 tonne of gold in April, the Central Bank of Uzbekistan increased its total holdings by 24 tonnes from January through April, securing the second-highest net accumulation volume globally so far this year. By the end of April, the regulator held 414 tonnes of gold, accounting for 88% of the country’s entire international reserve asset portfolio.

The People's Bank of China ranked third globally for net accumulation during the four-month period, adding 15 tonnes to bring its total reserves to 2,322 tonnes, which represents 9% of its total foreign reserves. Of this volume, 8 tonnes were purchased in April alone, marking China's highest monthly procurement since late 2024. Kazakhstan and the Czech Republic rounded out the top five global buyers, with the Czech National Bank acquiring 3 tonnes in April to elevate its total holdings to 79 tonnes.

Conversely, the Bank of Russia was the largest global seller in April, offloading approximately 6 tonnes, though it ranks second in total exports since January with 22 tonnes. The Central Bank of Turkey leads global net sales this year, having liquidated just under 80 tonnes. WGC data shows Turkey's sales peaked in March, while its holdings remained virtually flat through April as it used bullion to stabilize domestic foreign exchange liquidity.

National statistical data indicates that Uzbekistan resumed selling gold in April after a six-month hiatus, responding to a downward correction in international prices. While the country's precious metal exports surpassed $1.5 billion in April, the year-to-date export revenue of $1.5 billion remains significantly lower than the $5.48 billion recorded during the January–April period of 2025.