As of early September, Uzbekistan’s gold and foreign exchange reserves rose by $7.7 billion month-on-month, surpassing $72.1 billion, according to the country’s central bank.
Of that amount, gold reserves totaled $64.9 billion, up 15.6%, while foreign currency reserves stood at $6.6 billion, down 13.3%.
According to estimates from the World Gold Council (WGC), the Central Bank of Uzbekistan purchased a net 40 metric tons of gold between January and July, making it one of the world’s largest central bank gold buyers during the period. Uzbekistan ranked third, behind Poland and China, which purchased 90 and 60 metric tons, respectively.
Central Bank Chairman Timur Ishmetov previously said that gold had proven to be «the best investment.» However, the central bank has not ruled out selling some of its gold reserves if prices are favorable.
Gold prices slip below $4,400 on Sept. 8
According to Reuters, gold prices edged lower on Sept. 8 as rising oil prices fueled inflation concerns. Investors are awaiting key U.S. inflation data this week, which could provide further clues about the Federal Reserve’s interest rate outlook.
Spot gold fell 0.3% to $4,390.50 per ounce after reaching as high as $4,442.70 earlier in the trading session. U.S. gold futures for December delivery fell 0.9% to $4,435 per ounce.
