Why is this important
Central banks’ activity in the gold market reflects their approach to managing reserves and their attitude towards currency risks. For Uzbekistan, being among the largest buyers in a particular month is important given its role as one of the largest gold sellers since the beginning of the year. Such fluctuations indicate that the precious metal operations policy is flexible, not one-sided.
What happened
- In November, according to the World Gold Council report, Uzbekistan entered the top three buyers of gold in the world.
- Согласно информации Международного валютного фонда и открытых источников, чистые покупки золота центральными банками за месяц составили 45 тонн.
- Спрос на драгметалл в ноябре поддерживался за счёт активности центральных банков развивающихся стран.
Numbers and facts
- Чистые покупки золота центральными банками в ноябре составили 45 тонн.
- The largest buyer was Poland’s central bank – 12 tons per month.
- Бразилия приобрела 11 тонн золота.
- Uzbekistan bought 10 tons of gold and took third place.
- Kazakhstan purchased 8 tons.
- The Czech Republic, China, and Indonesia purchased small volumes of gold.
- Jordan (2 tons) and Qatar (1 ton) were the net sellers.
Context
- Uzbekistan’s gold purchases in November indicate a tactical increase in reserves for a specific period.
- This shows that the country does not adhere to a strict line only on the sale of precious metals.
- Uzbekistan’s actions coincide with the overall activity of developing countries in the gold market.
- The largest buyers of gold since the beginning of the year remain Poland, Kazakhstan, and Brazil.
