According to the World Gold Council, central banks purchased a total of 45 tonnes of pure gold in November. This figure shows that, against the backdrop of instability in global financial markets, countries’ interest in “hard assets” has strengthened even further.
At the top of November’s list of the largest buyers are Poland (12 tonnes) and Brazil (11 tonnes). Third place went to the Central Bank of Uzbekistan (10 tonnes). That is, our country was among the leaders in gold purchases this month.
At the same time, the following countries also bought the precious metal:
Kazakhstan — 8 tonnes
Kyrgyzstan — 2 tonnes
Czechia — 2 tonnes
China — 1 tonne
Indonesia — 1 tonne
When looking at the 11-month period since the start of the year, there is another side to the picture: Uzbekistan is listed as the third largest gold seller after Singapore and Russia. For this period, the main buyers are named as Poland (95 tonnes), Kazakhstan (49 tonnes) and Brazil (43 tonnes).
According to official figures, in January–November 2025, Uzbekistan sold a total of $9.9 billion worth of gold (growth — +70.9%). This makes up 37.1% of the country’s total exports.
The conclusion is simple: on the one hand there are purchases to strengthen reserves, on the other there are sales for export revenue and foreign-currency inflow. Now the main question is how the gold price and external markets will move: if the trend continues, in 2026 gold is likely to remain the “locomotive” of Uzbekistan’s exports.
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