Uzbekistan tops global gold sales for second consecutive month

In March, Uzbekistan sold 11 tons of gold, maintaining its position as the world’s largest gold seller for the second month in a row. In the first quarter of 2025, the country sold a total of 15 tons of gold.

According to the World Gold Council (WGC), the Central Bank of Uzbekistan sold 11 tons of gold in March 2025 — the highest volume sold globally during the month.

In total, central banks around the world purchased 35 tons of precious metals in March, while 18 tons were sold.

The largest gold buyers were Poland (+16 tons), Kazakhstan (+11 tons), and China (+3 tons), whereas the biggest sellers included Uzbekistan (-11 tons), Singapore (-5 tons), and Kyrgyzstan (-2 tons).

It is worth noting that Uzbekistan also topped the global gold seller list in February, having sold 12 tons of the precious metal. In January, the Central Bank of Uzbekistan increased its reserves by 8 tons, making it one of the leading gold buyers worldwide at that time.

According to the State Committee on Statistics, Uzbekistan exported $3.57 billion worth of gold in the first quarter of 2025. This represents a 34% increase in value compared to the same period in 2024, when gold exports stood at $2.66 billion.

Gold’s share in the country’s total exports rose from 40.9% to 44%. Despite a reduction in the physical volume of gold in Uzbekistan’s foreign exchange reserves, the value of these reserves has significantly increased due to record-high gold prices.

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