Why this is important:
The country is fixing its profit against the backdrop of historic gold price increases – in October, quotations reached $4,500 per ounce. Such a strategy influences the structure of reserves and reflects a flexible approach to managing liquidity under geopolitical and price volatility conditions.
What happened
- Uzbekistan sold 16.8 tons of pure gold despite initial purchases of 8.1 tons.
- The main sales came in February-April.
- Singapore came in second (15.8 tons), followed by Indonesia (12.9 tons).
- Russia reduced reserves by 6.2 tons, Germany — by 1.3 tons.
- Leading buyers: Poland 67.1 tons, SOFAZ (Azerbaijan) 34.5 tons, Kazakhstan 32.4 tons, China 22.7 tons, Turkey 19.5 tons.
What they say
Analysts note that Uzbekistan’s sales seem like an attempt to capture profit at the peak of prices, while most central banks continue to strategically accumulate.
Context
Global gold demand from regulators remains high due to inflationary risks and geopolitical tensions. The USA remains the largest holder — more than 8 thousand tons.
