Uzbekistan Extends Gold Export Suspension Amid Record Prices

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has extended its pause on gold exports amid historically high global prices, Bloomberg reports. As one of the world’s largest gold producers, with annual output of about 130 tonnes, the country is now following a strategy of accumulating the metal in light of global geopolitical instability.

Non-monetary gold exports have been effectively suspended since November last year, with shipments completely absent from November through January. In October 2025, export volumes were minimal. By comparison, Uzbekistan exported a record $9.9 billion worth of gold last year.

The rise in gold prices as a safe-haven asset is linked to escalating tensions in the Middle East. A representative of the Central Bank of Uzbekistan noted that decisions regarding gold operations are made based on current market conditions, and no timeline has yet been given for the potential resumption of exports. Analysts suggest that this approach reflects expectations of further price increases for the metal.

At the same time, the country is actively increasing its international reserves. Last year, the Central Bank of Uzbekistan ranked among the world’s top ten gold buyers. In January, total reserves grew by nearly 18%, reaching $65 billion, with gold comprising more than 86% of the portfolio, highlighting the focus on protective assets under current macroeconomic conditions.