Gold surged from just over $1,500 in early 2019 to a record high of $2,072.50 in early August, then dropped to around $1,900.

European and North American investors, stocking gold as a guarantor during the pandemic, contributed to the rise in prices. However, demand from other large consumers such as jewelry buyers and central banks has been weak.

According to the WGC, central banks, which together hold about 35,000 tons of gold worth $2 trillion, sold 12.3 tons more than they bought in August. 

Uzbekistan sold 31.7 tons, offsetting smaller purchases by countries including India, Kyrgyzstan and Turkey, the WGC said.

By September 2020, the share of gold in the country’s total exports amounted to 50%. In monetary terms, the share of gold sold by the country in the first 8 months of the year increased to $5.8 billion, up by $1.8 billion (47.2%) over the same period last year.