Tashkent, Uzbekistan (UzDaily.com) — In the fourth quarter of 2024, the Central Bank of Uzbekistan purchased gold from local producers for a total of 29.9 trillion soums.

During the same period, leading central banks continued to lower interest rates, which, combined with geopolitical tensions, led to increased demand for gold from investors. The price of gold fluctuated between US$2,610 and US$2,700 per troy ounce.

According to the Central Bank’s data, the volume of gold purchases from local producers in Q4 amounted to 29.9 trillion soums, slightly exceeding the third quarter’s figure of 29.5 trillion soums.

Meanwhile, the volume of net interventions in the domestic currency market amounted to 24.5 trillion soums (equivalent to $1.9 billion), maintaining the principle of "neutrality of gold and foreign exchange reserves" throughout the year, the regulator noted.

The relatively low volume of interventions was attributed to high foreign currency flows into the economy during the fourth quarter, which ensured sufficient supply in the domestic currency market.

A portion of the additional liquidity generated by the gold purchases was absorbed through monetary operations, including Central Bank bonds, which contributed to liquidity sterilization.

"Thus, the fourth quarter saw a stable situation in the currency market with high gold and foreign exchange reserves and adequate liquidity provision," emphasized the Central Bank.