Uzbekistan was the world’s largest gold buyer in January 2025, purchasing 8 tons and raising its reserves to 391 tons. The global demand for gold among central banks reached 18 tons for the month, reflecting its safe-haven status. Other significant buyers included China and Kazakhstan, while several countries like Russia and Jordan reduced their holdings.

In January 2025, Uzbekistan emerged as the world’s leading gold buyer, purchasing 8 tons of gold, as reported by the World Gold Council (WGC). This surge in gold purchases underscores the strategic significance of gold amidst ongoing geopolitical uncertainties, as central banks globally heightened their demand for this asset, accumulating a total of 18 tons in the same month.

With this latest acquisition, Uzbekistan’s gold reserves escalated to 391 tons, now constituting 82% of the nation’s total international reserves. In the comparative rankings, China followed as the second-largest gold buyer, augmenting its reserves by 5 tons to reach 2,285 tons, which accounts for 6% of its total assets. Kazakhstan occupied the third position with an increase of 4 tons, while Poland and India both added 3 tons each. Notably, the Czech Republic increased its holdings by 2 tons, whereas Qatar added 1 ton to its reserves.

While several countries expanded their gold reserves, others made notable reductions. Russia and Jordan each sold off 3 tons, with Kyrgyzstan parting with 2 tons in January. Interestingly, in 2023, Uzbekistan was the second-largest global seller of gold, offloading over 25 tons, with Kazakhstan being the leading seller by nearly doubling that figure.

Despite the offloading of gold, Uzbekistan’s gold exports in 2023 yielded substantial revenue of $8.15 billion, which is nearly double that of 2022’s earnings. Last year, China notably led the gold buying spree worldwide, purchasing nearly 230 tons, while other significant buyers included Poland, Singapore, Libya, and the Czech Republic.

Uzbekistan’s position as the principal gold buyer in January 2025 illustrates the country’s strategic economic measures amidst global uncertainty. The substantial increase in its gold reserves reinforces its focus on gold as an essential asset. The varied actions of other nations regarding gold—both purchases and sales—indicate shifting dynamics in the global gold market, reflecting diverse economic strategies in response to geopolitical challenges.

Original Source: timesca.com

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