Uzbekistan becomes the world's largest gold buyer in January

In the first month of the year, Uzbekistan became the world's largest gold buyer, the WGC reported.

Central banks lead gold purchases

In January, net gold purchases by central banks reached 18 tons, with developing countries leading the acquisitions. Uzbekistan, China, and Kazakhstan stood out as the top gold buyers.

Uzbekistan’s Central Bank acquired 8 tons of gold, bringing its total reserves to 391 tons. As a result, the share of precious metals in the country’s international reserves increased to 82%.

China's People’s Bank maintained its strong interest in gold, marking its third consecutive month of net purchases, acquiring 5 tons in January. By the end of the month, China’s total gold reserves reached 2,285 tons, accounting for 6% of the country’s total international reserves.

Kazakhstan also increased its gold holdings, with the National Bank of Kazakhstan purchasing 4 tons in January. During a press conference on January 17, 2025, National Bank Chairman Timur Suleimenov stated that the bank was considering transitioning to monetary neutrality in gold purchases, emphasizing that the primary goal was to increase international reserves and protect the economy from external shocks. Furthermore, the Kazakh central bank announced it had begun selling US dollars as part of its "counter-impact operations" related to gold acquisitions. Kazakhstan’s total gold reserves reached 288 tons, comprising 55% of the country’s international reserves.

Other central banks also continued their gold acquisitions in January:

• Poland’s Central Bank – 3 tons
• Reserve Bank of India – 3 tons
• Czech National Bank – 2 tons
• Qatar’s Central Bank – 1 ton

Some countries sold gold in January

During the month, Russia and Jordan’s central banks each sold 3 tons of gold, while the National Bank of Kyrgyzstan sold 2 tons.

Global trends in Central Bank gold reserves

According to the World Gold Council's analysis, the shift from military conflicts to economic uncertainties has further reinforced the trend of increasing gold purchases by central banks since 2022. Many banks have taken advantage of temporary gold price declines to strategically accumulate reserves. Conversely, when gold prices surged significantly, sales remained limited and tactical.

“The central banks' steady interest in gold reaffirms its status as a strategic asset amid growing geopolitical risks,” the WGC report states.

Uzbekistan’s international reserves grow

According to Uzbekistan’s Central Bank, the country's international reserves increased by $1.7 billion in January, reaching $42.9 billion. The gold component of these reserves grew by $3 billion, reaching $35 billion.

The overall increase in reserve value is linked to rising gold prices. The gold share of Uzbekistan’s "financial cushion" increased from $32 billion to $35 billion. However, the physical volume of gold reserves saw only a slight rise, increasing from 12.30 million troy ounces in December to 12.56 million troy ounces in January.