Uzbekistan resumes gold sales after six-month pause

Uzbekistan has resumed gold sales for the first time since September 2025, according to data from the National Statistics Committee, marking a return to exports after a six-month pause.

The country’s total exports reached $9.97 billion in January–April 2026, down 16.8% compared with the same period in 2025.

Services accounted for more than a third of total shipments at $3.46 billion, continuing to outpace goods exports in value terms.

Gold exports restarted in April amid a period of lower global prices, which have ranged between $4,550 and $4,800 per ounce. The sector generated more than $1.5 billion in export revenue during the month. However, this figure remains significantly lower than the $5.48 billion recorded in January–April 2025.

The decline in gold shipments contributed to a sharp deterioration in the country’s external position, with the trade deficit widening almost sevenfold year on year to $6.38 billion, up from $930 million a year earlier.

Uzbekistan last sold gold in September 2025, when exports totalled $1.47 billion. For the full year, gold shipments reached a record level of over $9.9 billion.

Production at the Navoi Mining and Metallurgical Combine stood at 737,000 troy ounces in January–March, down 2.19% year on year. Despite the decline in output, the value of production rose by 58.3% to more than 44 trillion soums, reflecting higher prices.

The country’s gold and foreign exchange reserves rose back above $70 billion in April, increasing by $1.9 billion, or 2.76%, over the month. The central bank’s gold holdings were valued at $61.59 billion, although physical volumes fell to 413.7 tonnes, a decline of around 3.1 tonnes compared with the previous month.