Tashkent, Uzbekistan (UzDaily.com) – In the second quarter of this year, the Central Bank of Uzbekistan increased its gold purchases by nearly 19%, according to a report focusing on the monetary market.

From April to June, there was high demand for precious metals due to external economic conditions and geopolitical conflicts. The average price of gold ranged between US$2250 and US$2350 per troy ounce, as noted by the regulator.

The Central Bank of Uzbekistan raised its purchases of gold from local producers by 18.7% compared to the first quarter, reaching 26.4 trillion Uzbekistani sums (US$2.1 billion).

However, the net volume of currency interventions in the market remained at the first-quarter level — 20.3 trillion Uzbekistani sums (US$1.6 billion). The regulator emphasizes that currency interventions were conducted with the principle of maintaining the neutrality of gold and foreign exchange reserves.

The remaining part of the additional liquidity generated from gold purchases was covered by various factors, including monetary and credit operations and practices related to cash management.