Key insights
- Uzbekistan resumed gold exports after a six-month halt, driven by record high gold prices. This move impacts global gold supply and potentially puts downward pressure on prices. Increased gold sales by both Uzbekistan and Russia could signal a shift in their reserve management strategies. The impact on US equities is slightly negative due to potential commodity price volatility.
Investing.com -- Uzbekistan exported approximately $1.5 billion worth of non-monetary gold in the first four months of 2026, with most sales occurring in April, the National Statistics Committee reported Tuesday.
The country, which produces around 130 tons of gold annually, had effectively halted exports after September 2025. During the export pause, Uzbekistan’s central bank became one of the world’s largest buyers of gold.
Gold exports stood at zero in January and February, with only $30 million recorded in March. The central bank’s reserves decreased by roughly 100,000 troy ounces in April, indicating sales, according to reserve statistics released on May 8.
The resumption of exports comes as gold prices reached record levels this year, averaging about $4,800 per ounce. Gold serves as a critical buffer for Uzbekistan’s economy and represents a major source of export and budget revenue.
Russia, another significant global gold producer, has also increased its gold sales.
The export resumption occurs amid ongoing conflict between the US and Israel with Iran, though Central Asian economies have shown relative resilience to these economic shocks.
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