Tashkent, Uzbekistan (UzDaily.com) — For the first time since July, Uzbekistan’s Central Bank increased its gold reserves by purchasing 9 tons of gold in November 2024, according to a report by the World Gold Council (WGC). As a result, Uzbekistan’s total gold reserves reached 382 tons by the end of November.

This move aligns with a global trend of central banks boosting their gold reserves. Net global gold purchases by central banks in November amounted to 53 tons, continuing the pattern seen throughout 2024.

Among other significant buyers were the National Bank of Poland, which acquired 21 tons, as well as the Reserve Bank of India, Kazakhstan, and China, each adding 5 tons. Conversely, Singapore became the largest seller, offloading 5 tons of gold.

The decision by Uzbekistan and other countries to increase their gold holdings comes amid economic factors such as the recent drop in gold prices, partly influenced by the U.S. presidential election.

As of 1 December 2024, Uzbekistan’s international reserves totaled US$41.47 billion, reflecting a decrease of US$1.67 billion compared to the previous month. This reduction is attributed to the devaluation of gold reserves and a decline in the currency portion of the reserves.