Uzbekistan Fully Resumes Gold Exports, Bringing an End to a Half-Year Halt

After a half-year halt in exports, Uzbekistan, one of the world's major gold producers, has fully resumed gold exports in April.

Data released by the National Statistics Committee of Uzbekistan on Tuesday shows that the country's non-monetary gold exports reached 1.5 billion US dollars in the first four months of this year, with the vast majority of sales concentrated in April.

Analysts believe that against the backdrop of international gold prices repeatedly hitting new highs, this move can not only bring substantial fiscal and export revenue to the country, but also highlights the important position of gold as a core economic buffer.

Previously, due to the central bank's large-scale purchase of gold, the country essentially suspended gold exports from last September. The export value was zero in January and February of this year, only 30 million dollars in March, until April to achieve an explosive increase. Official reserve data disclosed on May 8 also confirmed this realization behavior. The Central Bank of Uzbekistan sold about 100,000 troy ounces of gold in April.

Currently, external geopolitical conflicts are intensifying global economic uncertainty, and the average international gold price for this year has reached around 4,800 US dollars per ounce. For Uzbekistan, which has an annual output of about 130 tons, high gold prices provide an excellent cash-out window. It is worth noting that large-country central banks have become a trend in realizing reserves at high positions. Data shows that Russia, another major gold-producing country, has also accelerated sales this year, realizing more than 4 billion US dollars from its national reserves in gold.