The gold reserve increased by 30 tons due to the decline in sales. Of these, 8.4 tons were purchased in December.
In December, the Central Bank of Uzbekistan became one of the largest buyers of gold in the world, the World Gold Council reports.
In a month, the organ acquired 8.4 tons of precious metal, taking second place in the world. The regulator replenished its gold reserve after a record sale in November — then 21.5 tons of gold were sold.
Sellers and buyers
The total volume of gold in official reserves in the last month of 2021 increased by 14.2 tons. Turkey became the largest buyer, after the sale, having again increased its reserve by 10.1 tons — at the end of the year it amounted to 394.2 tons.
The Reserve Bank of India came in third place with an increase of 3.7 tons of gold. The fourth was Kyrgyzstan, which added 1.1 tons to the precious metal reserve.
The National Bank of Kazakhstan sold gold the most actively in December — 4.8 tons. In second place is Sri Lanka, which sold 3.6 tons or half of its gold reserves in a month. Poland was third with 1.6 tons .
The world gold reserve grew by 463 tons last year, increasing for the 12th year in a row. Banks continue to increase reserves in precious metals, partly supporting demand — it is expected that this will be the case in 2022
The Central Bank of Uzbekistan increased its gold reserves by 30 tons over the year. Thus, the regulator secured a place in the top five countries in this indicator.
The first place was taken by Thailand, which bought 90 tons of gold. It is followed by India (+77.5 tons) — the increase in its stock has set a record since 2009. Also, Uzbekistan was ahead of Hungary (+63 tons) and Brazil (+62 tons). The Hungarian gold reserve has increased 3 times in a year.
Golden Pillow
World gold prices are gradually stabilizing around the $1800 mark, analysts say. In August 2020, they reached a historic high of $2,063 per ounce – then expensive gold helped the budget of Uzbekistan and increased its “airbag”.
Gold in 2020 provided almost 40% of Uzbekistan’s exports (50% in January-August) – it was sold for $5.8 billion. In the third quarter of that year, Uzbekistan became the main supplier of precious metals in the world.
However, due to the price rollback in 2021, Uzbekistan sold it only at peaks — in May and early June, as well as in October-November. The annual sale of gold fell to $4.1 billion, it lost its status as the main export item.
As of January 1, 2022, Uzbekistan’s gold reserve was 360.8 tons, with an estimated value of $20.95 billion. This is about 60% of all official reserves of the country.
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