Demand for gold continued to rise, driven by external economic conditions, geopolitical conflicts, and a global shift by leading central banks toward lowering interest rates. As a result, the price of gold ranged between $2,450 and $2,650 per troy ounce during this period.

In July-September, the Central Bank bought 29.5 trillion UZS worth of gold from local producers, marking an 11.7% increase from the previous quarter. Meanwhile, net foreign exchange interventions, conducted under the principle of neutrality of gold and foreign exchange reserves, totaled 6.9 trillion UZS — almost three times lower than in the second quarter.

The Central Bank attributed the drop in foreign exchange interventions to seasonal factors and an increased inflow of foreign currency from abroad, which ensured sufficient liquidity in the currency market. The remaining excess liquidity generated by the gold purchases was offset by other monetary policy tools, including bond issuances by the Central Bank.