Uzbekistan’s Reserves Drop to $68.9 Bn as Gold Prices Slide
Central Bank of Uzbekistan reported that the country’s gold and foreign exchange reserves stood at $68.9 bn at the start of April 2026, down by $8.1 bn over the previous month.
The volume of gold holdings increased from 13.1 mln to 13.4 mln troy ounces. However, the value of those reserves fell sharply by $6.82 bn to $60.85 bn, reflecting a decline in global prices.
Foreign currency reserves also dropped by $1.27 bn to $7.57 bn, marking their lowest level since January 1, 2025.
According to analysts at the World Gold Council, gold prices fell by 12% in March to $4,608 per ounce, the steepest monthly decline since June 2013. The downturn was driven by reduced investor positions and tightening liquidity in global markets.
The council noted that typical support factors such as geopolitical tensions and inflation risks failed to prevent the decline this time.
Short-term uncertainty remains, with risks including a potential rise in oil prices above $100 per barrel and possible central bank activity in gold markets.
«In the near term, price movements are likely to be driven more by liquidity needs linked to global conflicts than by macroeconomic signals alone,» the World Gold Council said.
