Uzbekistan Leads Global Gold Purchases in January
Wed Mar 05 2025
Uzbekistan was the world’s largest gold buyer in January 2025, according to the World Gold Council (WGC).
Global central banks continued their gold-buying spree at the start of the year, with net purchases totaling 18 tons for the month. The WGC notes that this sustained demand highlights gold’s strategic importance in central bank reserves, as many countries view it as a safe-haven asset amid geopolitical uncertainty.
Uzbekistan Tops the List
The Central Bank of Uzbekistan purchased 8 tons of gold in January, increasing the country’s gold reserves to 391 tons. Gold now accounts for 82% of Uzbekistan’s total international reserves.
China was the second-largest buyer, adding 5 tons to its holdings. By the end of January, China’s total gold reserves had reached 2,285 tons, representing 6% of its total assets.
Kazakhstan ranked third, purchasing 4 tons, followed by Poland and India with 3 tons each. The Czech Republic added 2 tons, while Qatar increased its reserves by 1 ton.
Gold Sales and Market Trends
While several countries increased their gold holdings, others reduced their reserves. Russia and Jordan each sold 3 tons, while Kyrgyzstan offloaded 2 tons in January.
In 2023, Uzbekistan was the world’s second-largest gold seller, offloading over 25 tons, according to the WGC. Kazakhstan led global sales that year, selling nearly twice as much as Uzbekistan.
Despite these sales, Uzbekistan’s gold exports generated $8.15 billion in 2023, nearly double the revenue from 2022. Meanwhile, China was the world’s top gold buyer last year, purchasing almost 230 tons. Other major buyers included Poland, Singapore, Libya, and the Czech Republic.
Source: https://timesca.com/