Uzbekistan becomes world’s second-largest gold buyer

Sun Oct 12 2026

Uzbekistan’s central bank bought 8 tonnes of gold in August, bringing its purchases since the start of the year to nearly 50 tonnes.

Central banks worldwide bought a net 39 tonnes of gold in August, while net purchases since the beginning of the year reached 170 tonnes, according to data from the World Gold Council.

China was the largest buyer in August, adding 20 tonnes to its reserves, followed by Uzbekistan and Poland with 8 tonnes each. Kazakhstan bought 7 tonnes, Turkey 3 tonnes and the Czech Republic 2 tonnes. Russia and Jordan, meanwhile, reduced their gold holdings by 6 tonnes and 3 tonnes, respectively.

Uzbekistan’s gold reserves stood at about 439 tonnes at the end of August, accounting for around 90% of the country’s international reserves.

Poland remained the largest central-bank gold buyer since the start of the year, with purchases of 98 tonnes, followed by China with 80 tonnes. Uzbekistan ranked third, with purchases approaching 50 tonnes.

Among other major buyers, Kazakhstan added nearly 36 tonnes to its gold reserves since the start of the year, while the Czech Republic increased its holdings by 14 tonnes. Turkey was the largest net seller over the period, selling 82 tonnes, mostly in the first quarter. Russia sold 56 tonnes.

Source: https://news.az/