Uzbekistan Becomes Second-Largest Global Gold Buyer in Q1 2026
The Central Bank of Uzbekistan purchased 25 tonnes of gold during the first quarter of 2026, according to recent data from the World Gold Council (WGC). This acquisition places Uzbekistan second globally, sitting just behind Poland which secured 31 tonnes.
Central banks worldwide have maintained a strong appetite for bolstering their national reserves. In total, global regulators snapped up 244 tonnes of gold over the three-month period. Alongside Poland and Uzbekistan, other notable state buyers included Kazakhstan, China, the Czech Republic and Malaysia.
This state-level buying spree contributed to a broader upward trend. Overall global demand for gold reached 1,200 tonnes by the beginning of April. This figure, which encompasses large over-the-counter transactions, represents a 2% increase compared to the same period last year.
Beyond national reserves, the WGC report highlighted shifting consumption patterns across various commercial sectors. Gold utilised in technological applications experienced a 1% boost to reach 82 tonnes. This specific growth was primarily fuelled by the ongoing global expansion of artificial intelligence infrastructure.
Meanwhile, private investors demonstrated a surging interest in physical assets. Global retail purchases of gold bars and coins spiked by 42% year-on-year to hit a staggering 474 tonnes, marking one of the highest volumes ever recorded. This retail rush was particularly dominant across Asian markets.
Conversely, the commercial jewellery sector felt the pinch of escalating commodity costs. Deterred by high price tags, consumer demand for gold adornments dropped significantly by 23% as shoppers scaled back on luxury purchases.
