Uzbekistan Becomes Largest Net Seller of Gold as Prices Surge

Gold prices reached historic levels in 2025, with spot gold briefly touching $4,381 per troy ounce in October, BestBrokers reports. Rising geopolitical tensions, economic uncertainty, and central bank policy changes have strengthened gold’s role as a safe-haven asset, prompting many countries to increase holdings.

While most nations, including Poland, Kazakhstan, China, and Turkey, expanded their gold reserves this year, Uzbekistan took the opposite approach. The Central Bank of Uzbekistan sold more gold than it purchased, resulting in a net reduction of 16.8 tonnes, making it the largest net gold seller of 2025. The bank’s transactions reflect standard reserve management, including buying from international markets in London and Zurich, but selling strategically to capitalise on high prices.

Uzbekistan’s decision contrasts with trends in countries such as Kazakhstan, which reversed a net selling position from 2024 to add 32.4 tonnes, and China, which continued steady accumulation, increasing its holdings by 22.7 tonnes. Other countries with notable purchases include Poland, Turkey, Azerbaijan, and several smaller nations.

Global factors driving gold demand include a weakening US dollar, ongoing inflation, and geopolitical uncertainty, which have reinforced the metal’s appeal. Despite the rally, Uzbekistan chose to realise some of its holdings, using sales to support financial strategy and liquidity.

As of late 2025, the US remains the largest holder of official gold reserves, followed by Germany, Italy, France, and Russia, while Uzbekistan’s strategic sales underline the country’s active approach to reserve management amid global market volatility.

Kursiv also reports that Uzbekistan’s combined gold and foreign currency reserves have exceeded $59 bn for the first time on November 9.