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Uzbekistan's central bank increased its gold stocks by about 7 metric tonnes in September, taking total holdings to roughly 446 tonnes. The purchases keep the country among the world's more active official buyers, a detail bullion desks will note even as the value of those reserves fell last month.
The Central Bank of Uzbekistan reported physical gold holdings rose from 14.11 million to 14.34 million troy ounces in September - an increase of roughly 7 tonnes. That followed an 8‑tonne purchase in August; purchases since the start of the year had reached nearly 50 tonnes by the end of August. The World Gold Council listed Uzbekistan as the third‑largest central bank buyer in that period, behind Poland and China.
Official figures show Uzbekistan's international reserves slipped by $5.54 billion, or 7.69%, to $66.58 billion as of 1 October. The dollar value of its gold holdings alone fell by $4.83 billion to $60.08 billion. The foreign currency component dropped $702.8 million to $5.92 billion. Gold now represents about 90% of the country's reserves.
The decline in valuation was driven by a near 10% fall in global gold prices, which moved from a late‑August peak of $4,660 per troy ounce to about $4,176 at the end of September. The World Gold Council attributed that drop to a firmer US dollar, higher US Treasury yields and a pullback in futures positions - reminders that central banks can add tonnes even as market values fall.
Persistent central bank buying is a supportive element for physical demand, and Uzbekistan's steady accumulation will matter to supply balances even if it is smaller than the largest purchasers. At the same time the data highlights a familiar tension: rising yields can dent the dollar value of large official holdings because gold pays no interest. The numbers are concrete; what they change for prices depends on how other buyers and yields move next.
Source: Timesca
