Uzbekistan Becomes the World’s Second-Largest Gold Buyer in November
Uzbekistan
The Central Bank of Uzbekistan purchased 9 tons of gold in November, making it the second-largest buyer of the precious metal. Poland ranked first with purchases of 90 tons.
According to Spot, citing the World Gold Council (WGC), the Central Bank of Uzbekistan increased its gold reserves for the first time since July.
Global central banks’ net gold purchases in November amounted to 53 tons, according to publicly available data. The WGC noted that this continues the trend observed throughout 2024, with regulators acting as active buyers of precious metals.
A drop in gold prices amidst the U.S. presidential elections may have further incentivized gold accumulation. For example, the National Bank of Poland raised its gold reserves by 21 tons, bringing the total to 448 tons.
Uzbekistan’s Central Bank purchased 9 tons of gold in November, marking the first increase in reserves since the summer. Annual net purchases amounted to 11 tons, bringing the total gold reserves to 382 tons.
The Reserve Bank of India ranked third, purchasing 8 tons (73 tons for the year). Following India were Kazakhstan and China with 5 tons each, Jordan with 4 tons, Turkey with 3 tons, the Czech Republic with 2 tons, and Ghana with 1 ton. Singapore emerged as the largest gold seller, offloading 5 tons.
As of December 1, Uzbekistan’s international reserves stood at $41.47 billion, $1.67 billion less than the previous month.
Global central banks’ net gold purchases in November amounted to 53 tons, according to publicly available data. The WGC noted that this continues the trend observed throughout 2024, with regulators acting as active buyers of precious metals.
A drop in gold prices amidst the U.S. presidential elections may have further incentivized gold accumulation. For example, the National Bank of Poland raised its gold reserves by 21 tons, bringing the total to 448 tons.
Uzbekistan’s Central Bank purchased 9 tons of gold in November, marking the first increase in reserves since the summer. Annual net purchases amounted to 11 tons, bringing the total gold reserves to 382 tons.
The Reserve Bank of India ranked third, purchasing 8 tons (73 tons for the year). Following India were Kazakhstan and China with 5 tons each, Jordan with 4 tons, Turkey with 3 tons, the Czech Republic with 2 tons, and Ghana with 1 ton. Singapore emerged as the largest gold seller, offloading 5 tons.
As of December 1, Uzbekistan’s international reserves stood at $41.47 billion, $1.67 billion less than the previous month.
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