Uzbekistan Boosts Its Gold Reserves

In November 2024, the Central Bank of Uzbekistan acquired 9 tons of gold, marking the first expansion of its gold reserves since July 2024, according to the World Gold Council, The Caspian Post reports citing Trend.

This brought the country’s total gold reserves to 382 tons by the end of the month.

This move aligns with a global trend of central banks actively increasing their gold reserves. In November, net gold purchases by central banks worldwide amounted to 53 tons, continuing the trend observed throughout 2024.

Notable buyers in November included the National Bank of Poland, which added 21 tons, as well as the Reserve Banks of India, Kazakhstan, and China, each purchasing 5 tons. Conversely, Singapore emerged as the largest seller, offloading 5 tons of gold.

Meanwhile, Uzbekistan's gold reserves totaled $32.7 billion as of December 2024. Gold reserves decreased by 1.8 percent compared to the previous month ($33.3 billion in October 2024).