Uzbekistan Retains Top Spot Among Global Gold Purchasers
A recent publication by the World Gold Council indicates that the Central Bank of Uzbekistan bought nine tonnes of gold in May. This substantial acquisition means the country now holds the third position globally among central banks gathering the precious metal.
Since the beginning of the year Uzbekistan has accumulated net purchases amounting to 33 tonnes. This impressive volume makes it the second-largest buyer in the world right behind Poland. The World Gold Council report also notes that gold makes up a massive 87% of the international reserves held by the Central Asian republic.
Looking at the broader international market for late spring other countries were also active in expanding their holdings. Poland led the charge by purchasing 18 tonnes while China followed closely by adding ten tonnes to its assets. Elsewhere the Central Bank of Singapore secured four tonnes to mark its first acquisition in nine months. Regulatory bodies from Czechia and Jordan also made smaller purchases of two tonnes and one tonne respectively.
Domestic financial reserves
Information released by the Central Bank of Uzbekistan shows that the total gold and foreign exchange assets of the nation reached $70.5 bn by June 1. This total reflects a minor monthly decrease of $307.2 mln. Within this extensive financial reserve precious metals account for $61.4 bn and foreign currency holdings make up over $8.5 bn.
Market prices for the precious metal have experienced noticeable shifts recently. At 11:20 Tashkent time the trading price of gold exceeded the $4,160 threshold. Statistics from TradingView show that although the metal suffered a 3.41% drop over the last six months it has achieved a 24.4% year-on-year increase alongside an extraordinary 133.78% jump over a five-year timeframe.
