Photo: iz.ru
In September of this year, Uzbekistan was the only country to sell gold on the global market. During this period, the country’s central bank sold 4 tons of the precious metal, according to Spot.uz citing statistics from the World Gold Council.
Analysts note that other major players in the gold market were buying gold to increase their reserves. According to the International Monetary Fund, central banks worldwide purchased a net total of 39 tons in September, the highest monthly figure of 2025.
Brazil was the most active buyer, acquiring around 15 tons of gold. The top three buyers also included Kazakhstan and Guatemala, with 8 tons and 5 tons respectively. Smaller purchases were made by Russia, China, Turkey, the Czech Republic, and Ghana.
Data from the World Gold Council for the first nine months of the year show that Uzbekistan sold a total of 21 tons, ranking first among gold-selling countries. Singapore followed, with Russia and Germany trailing behind.
Among buyers, Poland leads the market, having purchased more than 60 tons since the start of the year. Kazakhstan is in second place with around 40 tons, followed by Azerbaijan, China, Turkey, the Czech Republic, and Brazil.
According to the National Statistical Committee of Uzbekistan, the country earned $9.8 billion from gold sales in January–September, a 70.5% increase compared to the same period last year.
This significant rise is attributed to a sharp increase in global gold prices. On October 16, gold almost reached $4,400 per troy ounce for the first time in history. Analysts predict that by the end of the year, prices could hit a new peak, surpassing $4,500 per troy ounce.
