Singapore Overtakes Uzbekistan as Top Gold Seller in May

Singapore sold 5 tonnes of gold in May 2025, surpassing Uzbekistan’s 1-tonne sale and taking the lead in monthly gold sales, according to the latest report from the World Gold Council (WGC).

Despite losing the top spot for May, Uzbekistan remains the leading seller of gold in the first five months of 2025, having sold a total of 27 tonnes. Singapore follows with 10 tonnes sold by early June.

Kazakhstan emerged as the most active gold buyer in May, with its central bank purchasing 7 tonnes. Since the start of the year, Kazakhstan has acquired 15 tonnes of gold. Turkey and Poland also made significant purchases, each buying 6 tonnes.

The WGC noted that central banks globally have been actively increasing their gold holdings over the past three years. On average, they have bought over 1,000 tonnes annually, doubling the previous average of 500 tonnes.

A WGC survey of 73 central bank officials revealed that 95% expect global gold reserves to continue rising over the next year.

Kursiv Uzbekistan previously reported that Uzbekistan’s foreign exchange and gold reserves reached a record high of $49.6 bn as of June 1.