As of November 1, the country’s international reserves stood at $63.63 billion, down $2.96 billion, or 4.5%, from a month earlier, according to Central Bank data. The last time reserves were lower was in December 2025, when they amounted to $61.2 billion.
Reserves have declined for a second consecutive month. In September, they fell by $5.55 billion, from $72.13 billion to $66.59 billion. Combined, the September and October declines amounted to $8.51 billion, or nearly 11.8%.
The main factor behind October’s decline was a fall in international gold prices. According to the Central Bank, the price of gold dropped from $4,188.75 to $3,981.10 per troy ounce during the month, a decrease of $207.65, or almost 5%. The resulting negative valuation effect reduced the reported value of reserves by approximately $3 billion.
Despite the price decline, the value of gold holdings decreased by a more moderate $2.04 billion, from $60.09 billion to $58.04 billion. The impact of lower prices was partly offset by an increase in the physical volume of gold held by the Central Bank.
Gold holdings reach record 453.5 tonnes
In October, Uzbekistan increased its physical gold reserves by 240,000 troy ounces, equivalent to approximately 7.5 tonnes. Holdings rose from 14.34 million to 14.58 million troy ounces, or around 453.5 tonnes.
This is a new record in the country's publicly available reserve statistics, which have been published since 2013. The previous high was recorded on October 1, when holdings stood at approximately 446 tonnes.
The increase follows two consecutive months of substantial additions: gold reserves grew by around 7.2 tonnes in September and 8 tonnes in August.
As a result, gold's share of total international reserves increased from 90.2% to 91.2%, reflecting the simultaneous contraction of foreign currency assets.
Why did gold prices fall?
Gold prices continued to decline in October following a correction in September.
According to the World Gold Council
