Uzbekistan becomes June’s largest gold buyer in the world with 9-ton purchase

In June, the Central Bank of Uzbekistan shifted from selling to buying gold, according to a report by the World Gold Council.

Citing data from the International Monetary Fund and other public sources, the report notes that global central banks added a total of 22 tons of gold to their reserves in June. Since the beginning of the year, central banks have increased their cumulative gold holdings by 123 tons.

The Central Bank of Uzbekistan led global purchases in June, adding 9 tons to its reserves. Prior to this, the regulator had sold gold for four consecutive months.

Kazakhstan’s National Bank followed with purchases totaling 7 tons. Meanwhile, the People’s Bank of China, the Central Bank of Turkey, and the Czech National Bank each acquired 2 tons of gold during the month.

Regulators in Ghana, Qatar, Kyrgyzstan, and the Philippines each bought 1 ton.

The only major seller in June was the Monetary Authority of Singapore, which offloaded 6 tons.

Despite the recent purchase, Uzbekistan remains the world’s leading gold seller so far this year, having sold approximately 18 tons in the first half of 2024. Singapore follows closely with 16 tons, while the Central Bank of Russia ranks third, albeit with a much lower volume.

Poland’s National Bank has been the largest buyer in the first six months of the year, adding 67 tons to its reserves. Azerbaijan’s State Oil Fund with 35 tons and Kazakhstan with 22 tons follow it.