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.

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.