Uzbekistan ranks third globally after buying 40 tons of gold in January–July

Tue Sep 08 2026

Uzbekistan’s Central Bank bought about 40 tons of gold in January–July 2026, ranking third among the world’s largest net buyers, despite selling around 1 ton of the precious metal in July, according to World Gold Council data.

At the end of July, Uzbekistan’s gold reserves stood at around 431 tons, with the precious metal accounting for approximately 87% of the country’s international reserves.

Poland recorded the largest net gold purchases in January–July at around 90 tons, followed by China with 60 tons and Uzbekistan with 40 tons. Kazakhstan ranked behind Uzbekistan with purchases of approximately 29 tonnes.

Central banks worldwide reported net purchases of around 130 tons of gold during the first seven months of 2026, compared with approximately 160 tons over the same period in 2025. In July alone, global central banks recorded net gold purchases of 23 tons. China was the largest buyer during the month with 20 tons, followed by Poland with 8 tons.

Uzbekistan, however, sold around 1 ton of gold in July. Russia was the largest seller during the month, reducing its holdings by approximately 6 tonnes, while Turkiye and Jordan also sold around 1 ton each. Despite the July sale, Uzbekistan remained the third-largest net gold buyer among the countries included in the World Gold Council review since the beginning of 2026.

Central Bank Chairman Timur Ishmetov has previously said gold has so far proved to be the “best investment,” while noting that the regulator could sell the precious metal at favorable prices as part of its management of international reserves. The Central Bank has explained that changes in the physical volume of gold in Uzbekistan’s reserves can reflect transactions involving purchases and sales, while changes in its value can also result from movements in global gold prices.

Uzbekistan’s international reserves increased by $590mn in July to $64.35bn. The value of gold in the reserves rose by $365mn due to higher global prices despite the physical volume declining by almost 1 tonne, while the Central Bank reduced its securities portfolio by nearly 40%, or $1.1bn.

Source: https://daryo.uz