Central Bank of Uzbekistan Increases Gold Purchases by 11.7%

In the third quarter of 2024, the Central Bank of Uzbekistan purchased gold from domestic producers worth 29.5 trillion soums, according to data from the regulator.

This volume represents an 11.7% increase compared to the previous quarter.

The Central Bank reported that interest in the precious metal has risen amid geopolitical conflicts and challenging external economic conditions. From June to September, gold prices fluctuated between $2,400 and $2,600.

Statistics from the World Gold Council indicate that, over the past decade, the Central Bank of Uzbekistan has added 154 tonnes to its gold reserves.

As of early October, Uzbekistan’s gold and foreign exchange reserves surpassed $41.1 billion.