Why is this important
The sale of 21 tons in 9 months ($1.4 billion at a price of $2600/ounce) supported the sum, covered the trade deficit, and replenished currency reserves. Uzbekistan ranks seventh in the world in terms of production (~100 tons/year), can allow for sale. Since summer, the Central Bank has switched to buying – a signal about stabilizing the economy and strengthening reserves. World central banks purchased 43 tons in September — a 2025 record, indicating the trend of moving away from the dollar to gold.
What happened
- The Central Bank of Uzbekistan sold 4 tons in September — the only seller;
- In 9 months, he sold 21 tons — the largest seller, ahead of Singapore, Russia;
- World central banks purchased 43 tons: Brazil +15, Kazakhstan +8, Guatemala +5;
- Since summer, the Central Bank has changed its strategy — switched to buying.
Sale of gold
- September: -4 tons (128,500 ounces at $2600/ounce = $334 million).
- 9 months: -21 tons (675,000 ounces = $1.4 billion).
- Why did I sell: supporting the soum (strengthening from 12,800 to 11,972 per dollar), covering the trade deficit, replenishing currency reserves ($55 billion).
Change strategy in summer
Since summer, the Central Bank has shifted from selling to buying gold. Reasons:
- Stabilization of the soum — mass interventions are no longer necessary;
- Gold price increase to $2600+ — it’s profitable to save as a protective asset;
- Reserve strengthening — diversification from dollar to gold.
World Central Banks
- September: 43 tons purchased — a 2025 record.
Top buyers:
- Brazil +15 tons;
- Kazakhstan +8 tons;
- Guatemala +5 tons;
- Russia, Turkey, Czech Republic, China, Ghana — small volumes.
Trend: Central banks are shifting from dollar to gold due to geopolitical instability, inflation, and sanctions.
Uzbekistan is the largest seller
- For 9 months: –21 tons — first place in the world, ahead of Singapore, Russia.
- Share in reserves: Uzbekistan produces ~100 tons/year, CB reserves ~300-400 tons. Sales of 21 tons — 5-7% of reserves, not critical.
- The reason: support for the sum, covering the trade deficit ($5+ billion for 9 months).
Context
- Gold is a protective asset: central banks accumulate gold to protect against the dollar, inflation, and sanctions. Uzbekistan sold to support the soum, but switched to buying from summer.
- Gold price: rising from $1800 (2023) to $2600+ (2025) made sales profitable. $1.4 billion from the sale of 21 tons supported the sum, covering the deficit.
- The strengthening of the soum: the dollar fell from 12,800 to 11,972 in 9 months due to gold, transfers ($13.9 billion), and the Central Bank’s strict policy (rate of 14%).
- Strategy change: since summer, the Central Bank has switched to buying gold — a signal about stabilizing the economy, strengthening reserves, and diversifying from the dollar.
- Global trend: central banks purchased 43 tons in September — a 2025 record. Brazil, Kazakhstan, and Guatemala are actively accumulating gold to protect themselves from geopolitical instability.
