The Central Bank of Uzbekistan in July 2026 sold 1 ton of gold. Meanwhile, purchases by the regulator since the beginning of the year totaled 40 tons. The data is provided by the World Gold Council in its report on central bank gold reserves.

Metal Share — Almost 87% of Reserves

Gold accounts for 87% of the total volume of international reserves of the republic, corresponding to approximately 431 tons of metal.

This is one of the highest indicators in the world. Previously, Fitch Ratings noted that Uzbekistan leads among countries in the share of gold in reserves and pointed to the dual nature of such a structure: it strengthens external positions at high prices but makes the country vulnerable when they decline.

Sale Does Not Contradict Strategy

A one-time sale of one ton against forty purchases over the year is not a change of course but an element of reserve management.

Central Bank Chairman Timur Ishmetov, after meetings with American asset managers, stated that gold remains the "best investment," however, the regulator is considering the possibility of selling part of reserves at favorable prices as part of an overall reserve management strategy.

The logic is clear: at historically high quotations, fixing part of the profit allows diversifying reserves without abandoning metal as the main asset.

Global Context

In July, central banks worldwide increased gold reserves by 23 tons in net terms.

Leaders in purchases among emerging economies:

  • China — 20 tons;
  • Poland — 8 tons.

The People's Bank of China buys gold in double-digit volumes monthly starting in May 2026 and has increased reserves by 60 tons since the beginning of the year — the second result after Poland.

Who Sold

The largest net seller in July was Russia — 6 tons. Followed by Turkey, Jordan, and Uzbekistan — one ton each.

Purchase Pace Slowing

Since the beginning of the year, the total volume of acquisitions by central banks was approximately 130 tons compared to about 160 tons for the same period last year.

A decline of nearly one-fifth is a significant signal. Demand from regulators was one of the main drivers of price growth in recent years, and its weakening changes market structure.

For a private investor, this is a practical guide: metal price growth supported by institutional purchases is less susceptible to sharp reversals than movements driven by speculative demand. The slowdown in regulator purchases weakens such support.

Local prices for bars, however, depend not only on world quotations but also on how currencies behave — metal growth in dollars does not always mean proportional price increases in sums.

This material is for informational purposes and is not an investment recommendation.