Photo: eurasianet.org
According to official statistics, the country exported $1.5 billion worth of non-monetary gold in the first four months of 2026, according to Bloomberg.
At the same time, the bulk of the volume was in April, while in January and February exports were zero, and in March amounted to about $30 million.
Uzbekistan is one of the world’s largest gold producers, producing about 130 tons per year. After September last year, the country actually suspended exports, while at the same time increasing purchases of precious metal through the central bank.
According to Bloomberg, the Central Bank of Uzbekistan during this period became one of the notable buyers of gold on the world market, amid high volatility and rising prices.
Additional data on reserves indicate the reduction of gold reserves by about 100 thousand troy ounces in April, which analysts regard as a signal of resumption of sales.
The resumption of exports is taking place against the backdrop of ongoing geopolitical tensions, which affect global commodity markets. At the same time, Central Asian countries as a whole demonstrate relative resistance to external shocks.
Gold remains a key source of export earnings and an important element of Uzbekistan’s financial stability. This year, according to market estimates, prices for the metal have been hitting historic highs, rising to an average of about $4800 per ounce.
