️ Despite high gold prices on the global market, Uzbekistan has not conducted gold exports for four consecutive months. The newspaper studied data from Uzbekistan's National Statistics Committee on foreign economic activity.
️ Uzbekistan last sold gold worth $1.47 billion in September 2025... (and also $0.3 million in October). By the end of 2025, the volume of precious metal deliveries exceeded $9.9 billion, setting a new absolute record. Gold's share in total exports accounted for 29.2%.
️ According to the Statistics Committee, gold exports were also not carried out in January.
️ As of February 1, 2026, Uzbekistan's gold and foreign exchange reserves reached $75.08 billion. The country's reserves, which remained relatively stable until August-September last year, have been growing rapidly since October, updating their historical highs.
️ In January, the volume of gold and foreign exchange reserves increased by $8.76 billion (+13.2%), and on an annual basis (compared to February last year) by $32.2 billion (+75%).
️ The growth in reserves was mainly ensured by the increase in the value of gold within them. The value of gold in reserves rose by $9.9 billion (+17.9%) compared to the previous month, reaching nearly $65 billion. In January, the regulator increased the physical volume of gold reserves to approximately 12.8 million troy ounces (+0.2 million ounces).
️ According to the World Gold Council (WGC), in the first month of 2026, Uzbekistan's Central Bank continued a series of purchases that began in October last year, buying 9 tons of gold. Thus, the CB's gold stock reached 399 tons. Uzbekistan's gold reserves are growing at a very rapid pace, says the WGC. If in this period of 2020, gold constituted 57% of total reserves, as of January 2026, its share in reserves has grown to 86%.
️ Overall, central banks from Central and East Asia led the purchases in January. In Central Asia, activity was observed in both directions: Uzbekistan secured a place among the largest buyers with a 9-ton purchase, while Kazakhstan and Kyrgyzstan reduced their gold reserves by one ton each.
️ Gold purchases by central banks in the first month of 2026.
️ Russia became the largest seller this month (9 tons).
️ Next is the National Bank of Bulgaria (2 tons). Bulgaria transferred gold to the European Central Bank as part of the country's transition to the euro currency on January 1, 2026, and its accession to the European Union as the 21st member.
️ Other central banks that bought gold this month include the Czech Republic (2 tons), Indonesia (2 tons), as well as China and Serbia (1 ton each). China's purchase of gold for 15 consecutive months has brought its gold reserves to nearly 10% of total reserves.
️ The National Bank of Malaysia purchased 3 tons of gold in January, becoming a new name among gold buyers—this is the bank's first increase in reserves since 2018. By the end of January, the central bank raised its gold stock to 42 tons, or 5% of total reserves.
️ The WGC notes that geopolitical uncertainty remains a constant reason for gold purchases by central banks, with high volatility in January being a notable exception.
️ The pace of gold purchases by central banks at the start of the year slowed compared to the average of the previous 12 months—27 tons. The net purchase volume for January totaled only 5 tons. Gold price volatility and the holiday season may have somewhat restrained some central banks. However, geopolitical tensions, showing no signs of abating, are likely to cause the reserve replenishment process to continue in 2026 and beyond, says the WGC.
