Uzbekistan in March again took the first place in gold sales in the world, according to the World Gold Council.

According to open data, the net volume of gold purchases by central banks amounted to 16 tons. The demand remained strong, with purchases reaching 40 tons and sales 25 tons.

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All major buyers came from emerging markets. The Central Bank of Turkey increased its reserves by 14 tons, while central banks of India and China by 5 tons each. Kazakhstan and Singapore followed with 4 tons each.

During March, Uzbekistan sold 11 tons of gold, followed by Thailand (10 tons) and Jordan (4 tons).

In February, the Central Bank of Uzbekistan also led the world in gold sales with 12 tons.

Uzbekistan became the world’s second largest gold seller in 2023. Net gold sales amounted to more than 25 tons, twice less than Kazakhstan’s, which took the first place.

According to the Statistics Agency, Uzbekistan exported $1.35 billion worth of gold in March and $2.66 billion since the beginning of the year, accounting for 41.7% of the country’s total exports.

The country’s gold and foreign exchange reserves rose to $34.2 billion in March amid a record rise in gold prices. At the same time, the physical volume of the precious metal in the reserves fell by 10.9 tons, reaching its lowest level since May 2022.