Why Uzbekistan stopped gold exports

Gold exports play an important role in Uzbekistan's trade balance. However, the fact that the country has not sold gold for the last four months is raising many questions among observers. According to statistics, since 2016, gold exports have been carried out in close connection with world market prices. Reports uz24.uz.

Analysis shows that temporarily stopping exports during periods of falling prices is a standard, economically justified practice. Almost half of the period after 2016 consists of months when no gold was sold. The last time 1.5 billion dollars worth of gold was exported was in September 2025, and no transactions have been recorded since then. Interestingly, during this very period, the average monthly price of gold rose from 3,700 to 4,700 dollars.

Experts explain this situation with two factors. First, the annual plan may have been completed ahead of schedule in the last quarter of 2025. Second, further price increases are expected against the backdrop of global economic uncertainty. Also, not selling gold in January has already become a historical tradition.

In conclusion, Uzbekistan is currently applying a strategy of waiting for the most optimal price point. The fact that prices have reached a record level of 4,700 dollars and exports have been suspended indicates that more profitable trade operations will be carried out in the near future.