Uzbekistan Reserves Reach $72 Billion on Gold Surge
Uzbekistan’s international reserves rose to $72 billion in August, driven by a 13.6 percent jump in global gold prices.
Uzbekistan’s international reserves reached 72 billion US dollars in August. The increase was driven primarily by the rising value of its gold holdings. The price of a troy ounce climbed from 4,052.2 dollars to 4,602 dollars. This represents a gain of 13.6 percent over the period.
The Central Bank added 258,900 troy ounces of physical gold to its vaults. This addition equates to 8.05 tons. Total gold holdings now stand at a record 438.9 tons. The value of these reserves increased from 56.12 billion dollars to 64.93 billion dollars.
Gold Dominates Reserve Composition
Gold now accounts for nearly 90 percent of Uzbekistan’s international assets. Foreign currency assets declined by 1.02 billion dollars to 6.64 billion dollars. The securities portfolio rose slightly by 3.4 million dollars to 1.766 billion dollars. The high share of gold reflects a conservative management strategy.
Market Factors Drive Rally
A weaker US dollar supported the price increase. Lower yields on US government bonds also contributed. Geopolitical tensions in the Middle East increased demand for safe assets. Exchange-traded funds recorded higher purchase volumes during the period. These factors combined to lift the global gold price.
Strategic Diversification Efforts Continue
The regulator aims to reduce risks from precious metal fluctuations. It continues to diversify its reserve structure gradually. These reserves are vital for maintaining financial stability. They help mitigate exchange-rate swings. The funds ensure timely fulfillment of external obligations. GN auto markets/commodities: gold prices data confirms this trend.
