Uzbekistan becomes world’s largest gold buyer in January

Uzbekistan’s Central Bank bought 8 tons of gold in January 2025, making it  world’s largest gold buyer for month

TASHKENT, Uzbekistan (MNTV) – Uzbekistan’s Central Bank purchased 8 tons of pure gold in January 2025, increasing its total gold reserves to 391 tons, according to the World Gold Council (WGC).

This move positioned Uzbekistan as the world’s largest gold buyer for the month, reinforcing the growing trend of central banks turning to gold as a strategic asset.

According to Uzbek media reports, Global central bank gold purchases reached a net total of 18 tons in January, with developing economies leading the acquisitions. Alongside Uzbekistan, China and Kazakhstan emerged as the top buyers.

China’s People’s Bank continued its gold-buying spree for the third consecutive month, acquiring 5 tons in January.

This brought China’s total gold reserves to 2,285 tons, accounting for 6% of its total international reserves.

Meanwhile, Kazakhstan’s National Bank increased its holdings by 4 tons, bringing its total reserves to 288 tons, which now make up 55% of its international reserves.

During a press conference on January 17, 2025, National Bank Chairman Timur Suleimenov stated that Kazakhstan was considering a transition to monetary neutrality in gold purchases.

He emphasized that boosting reserves was crucial to shielding the economy from external shocks. Additionally, the Kazakh central bank announced that it had begun selling US dollars as part of its “counter-impact operations” linked to gold acquisitions.

While several countries increased their gold holdings, others opted to reduce their reserves. In January, Russia and Jordan each sold 3 tons of gold, while Kyrgyzstan’s central bank offloaded 2 tons.

According to the WGC, ongoing economic uncertainties and shifting geopolitical tensions have accelerated gold accumulation by central banks since 2022.

Many banks took advantage of temporary price dips to strengthen their reserves, while significant price surges led to only limited and tactical sales.

“The central banks’ steady interest in gold reaffirms its status as a strategic asset amid growing geopolitical risks,” the WGC report stated.

Uzbekistan’s Central Bank reported a $1.7 billion increase in the country’s total international reserves in January, bringing them to $42.9 billion. The gold component alone grew by $3 billion, reaching $35 billion.

The overall rise in reserve value was largely driven by surging gold prices.

While the monetary value of gold reserves jumped from $32 billion to $35 billion, the physical volume saw a more modest increase, rising from 12.30 million troy ounces in December to 12.56 million troy ounces in January.

With gold now comprising 82% of Uzbekistan’s total international reserves, the country’s latest purchases highlight its continued reliance on the precious metal as a financial safeguard amid global economic shifts.