Uzbekistan, one of the world’s largest gold producers, has returned to international markets with full-scale precious metal sales. According to the State Statistics Committee of Uzbekistan, the country exported approximately $1.5 billion worth of non-monetary gold during the first four months of 2026. Most of the shipments were made in April.
Uzbekistan had effectively suspended gold exports since September of last year. In January and February 2026, exports were completely absent, while shipments in March totaled only $30 million. Instead of selling gold, the country’s central bank had become one of the largest buyers on the global market. However, the trend changed in April: the regulator’s reserves declined by about 100,000 ounces, indicating that part of the accumulated stockpile had been sold.
Uzbekistan produces around 130 tonnes of gold annually. The precious metal remains a key economic buffer for the country, serving as an important source of export revenue and budget income. Average gold prices this year have remained close to $4,800 per ounce, making exports particularly profitable.
The resumption of exports comes amid the conflict involving the United States, Israel and Iran, which has increased uncertainty in the global economy. However, Central Asian economies, including Uzbekistan’s, have so far demonstrated relative resilience to external shocks.
Another major gold producer, Russia, has also accelerated gold sales amid high prices.
Uzbekistan is resuming active gold trading to take advantage of favorable market conditions. The move is expected to strengthen the national budget and support financial stability without waiting for geopolitical tensions to ease.
Source: Bloomberg
Image: Navoi Mining and Metallurgical Company
