TASHKENT, Uzbekistan: Uzbekistan has secured its position as the world’s leading seller of gold for the second consecutive month, with net purchases of the precious metal by central banks reaching 44 tons in November.
Although the total volume of purchases slightly decreased by 4% compared to October, it remains significantly higher than the monthly average of the past year, standing at 36 tons.
Turkey emerged as the main buyer, acquiring 25 tons, followed by Poland with 19 tons. Uzbekistan, in addition to its notable sales, exported 11 tons of gold in November, nearly four times more than Kazakhstan.
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The country’s strategic position in the global gold market is further highlighted by its second-place ranking in net sales at the end of 2023, trailing only behind Kazakhstan.
China led in net purchases, with Poland and Singapore following suit. This consistent flux in gold transactions is attributed to Uzbekistan’s Central Bank actively participating in both buying and selling the precious metal.
