Uzbekistan among top gold buyers in February – WGC

The Central Bank of Uzbekistan purchased 8 tons of gold in February, being the third top buyer of the precious metal after China and Türkiye.

Photo: Bloomberg

According to the World Gold Council, during the reporting month, China increased its gold reserve by 25 tons and Türkiye – by 22 tons.

In addition to them, significant volumes were purchased by the Central Bank of Singapore and the Reserve Bank of India – 7 tons and 3 tons, respectively. In general, the official state reserves of gold around the world, according to the IMF, increased by 52 tons.

The only major seller of gold was the National Bank of Kazakhstan. In February, the volume of its reserves decreased by 13 tons.

In 2022, the Central Bank of Uzbekistan increased its stock of gold by 34 tons, becoming one of the major buyers. The regulator sold gold only for the first three months, and also in November.

However, in January, against the backdrop of a drawdown in foreign exchange reserves, Uzbekistan exported 12 tons of gold. Taking into account the reduction in industrial production, it accounted for more than half of export earnings for the month.

In the data of the Central Bank at the end of February, there was also an increase in the volume of gold reserves by 6 tons. However, even taking into account the increase in tonnage, its cost fell by $717 million.

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Artificial intelligence has reinterpreted this news for you.

The Central Bank of Uzbekistan bought 8 tons of gold in February, making it the third-largest buyer after China and Turkey, according to the World Gold Council. Singapore’s central bank purchased 7 tons while India’s Reserve Bank purchased 3 tons. The only significant seller of gold during the month was the National Bank of Kazakhstan, which sold 13 tons. Uzbekistan increased its gold reserves by 34 tons in 2022, but also exported 12 tons in January due to a decline in foreign exchange reserves. Despite the increase in tonnage in February, the value of Uzbekistan’s gold reserves fell by $717m.

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