Uzbekistan's Central Bank has become the world's second-largest buyer of gold in the first four months of 2026, significantly increasing its reserves despite ongoing fluctuations in global gold prices.

According to the World Gold Council (WGC), Uzbekistan added 24 tonnes of gold to its reserves between January and April, bringing total holdings to 414 tonnes. Gold now accounts for 88% of the country's total international reserves, underscoring its central role in Uzbekistan's financial strategy, The Caspian Post reports via Bright Uzbekistan.

Poland's National Bank topped the global rankings after increasing its gold reserves to 595 tonnes, while China's People's Bank ranked third, adding 15 tonnes to reach 2,322 tonnes. Kazakhstan and the Czech Republic also ranked among the top five central bank buyers during the period.

Meanwhile, Türkiye and Russia emerged as the largest sellers of gold. Türkiye's central bank sold nearly 80 tonnes, with most of the sales taking place in March, while Russia reduced its reserves by approximately 22 tonnes since the beginning of the year, including 6 tonnes sold in April.

Following a six-month pause, Uzbekistan also resumed gold exports in April. Gold shipments exceeded $1.5 billion, although export revenues remained nearly four times lower than during the same period in 2025, when they totaled $5.48 billion.