Selling gold smartly
Uzbekistan’s gold sales are turning heads in 2025. While many countries hoard gold, Uzbekistan is selling big, cashing in on sky-high prices. Reports suggest the nation sold 15 tonnes in the first quarter, including 11 tonnes in March, making it the world’s top gold seller. This boosted its reserves by £2.3 billion, hitting a record £38 billion. It’s not a desperate move. It’s a bold plan to use gold to strengthen the economy, pay debts, and fund projects.
Navoi: The gold powerhouse
The Navoi Mining and Metallurgical Combine is the engine behind this. As one of the world’s top gold producers, it ramped up output by 5.4% in 2024, earning £5.7 billion. Navoi’s taxes fund schools, roads, and hospitals, driving Uzbekistan’s growth. Since 2018, it’s helped make Uzbekistan a leading gold exporter, turning ore into opportunity.
Perfect timing
Why sell now? Gold prices are soaring, fueled by global trade tensions, like US tariffs on China. Central banks are buying 25% of the world’s gold, up from 10% in 2022. Analysts predict prices could hit £2,400 per ounce in 2025 and £2,800 by 2026. Uzbekistan’s sales maximize profits, funding currency stability and infrastructure while prices are hot.
A safety net
Uzbekistan’s £38 billion reserves act as a shield. They stabilize the som, cover imports during crises, and guard against sanctions or price swings. The cash also builds bridges, schools, and power plants, paving the way for progress. It’s a dual strategy: defence and development.
The risks
Gold is not risk-free. The International Monetary Fund warns that price drops could cut state funds, hitting healthcare or education. High prices might also spark inflation. Uzbekistan balances this by keeping reserves strong while selling strategically, staying ready for market shifts.
Central Asia’s rise
Kazakhstan is also selling, moving 8 tonnes in February 2025, with gold forming over half its £38 billion reserves. Unlike most central banks buying gold, Central Asia sells to fund growth. This sets the region apart as a bold economic player.
Global influence
Uzbekistan’s gold sales are more than business, they are a power play. By reinvesting profits, the country is boosting its economic and geopolitical clout in Eurasia. With Kazakhstan, it’s shaping the global gold market, proving Central Asia is a force to watch.
A bold vision
Uzbekistan’s gold rush is a lesson in courage. By selling at peak prices, leaning on Navoi, and managing reserves wisely, it’s turning a resource into a foundation for growth. In a shaky world, Uzbekistan’s strategy shines. This is not just about gold, it’s about a stronger future.
Uzbekistan’s gold sales
| Month | Gold Sold (tonnes) | Value Gained (approx.) | Key Action |
| Q1 2025 | 15 (11 in March) | £2.3 billion | Debt repayment, infrastructure, reserves |
Note: Data is based on reported figures and awaits official confirmation.
Central Asia’s gold and global prices
| Year | Gold Price (per ounce) | Uzbekistan Sales (tonnes) | Kazakhstan Sales (tonnes) |
| 2024 | £1,900 (est.) | Unknown | Unknown |
| 2025 | £2,400 (proj.) | 15 (Q1) | 8 (Feb) |
| 2026 | £2,800 (proj.) | Unknown | Unknown |
Note: Prices are projections; 2024 sales data unavailable.
