Uzbekistan led global gold purchases in January 2025, according to the World Gold Council (WGC). Central banks worldwide added 18 tons to their reserves, continuing the trend of gold accumulation.
The Central Bank of Uzbekistan bought 8 tons of gold, bringing total reserves to 391 tons. Gold now makes up 82% of the country’s international reserves.
China followed with a 5-ton purchase, increasing its total to 2,285 tons. Kazakhstan added 4 tons, while Poland and India bought 3 tons each. The Czech Republic increased its reserves by 2 tons, and Qatar added 1 ton.
While some countries increased holdings, others sold gold. Russia and Jordan each reduced reserves by 3 tons, and Kyrgyzstan sold 2 tons.
In 2023, Uzbekistan was the second-largest gold seller, offloading 25 tons. Kazakhstan sold nearly twice as much. Despite this, Uzbekistan’s gold exports generated $8.15bn, almost double the revenue of 2022.
China was last year’s top buyer, purchasing nearly 230 tons. Other major buyers included Poland, Singapore, Libya, and the Czech Republic.
