Uzbekistan Extends Gold Export Ban Amid Record Global Prices

Uzbekistan has extended its suspension on gold exports as global prices for the precious metal reach historic highs. The country, one of the world's largest gold producers with an annual output of approximately 130 tons, is now prioritizing the accumulation of gold in its national reserves, a strategic shift driven by geopolitical uncertainty.

Exports of non-monetary gold have been effectively halted since November of last year, with no shipments recorded from November through January. October 2025 saw only minimal export volumes. This pause marks a significant change from the previous year when Uzbekistan exported a record $9.9 billion worth of gold.

The surge in gold's value is widely attributed to its status as a safe-haven asset during periods of instability, particularly amid escalating tensions in the Middle East. A representative from Uzbekistan's Central Bank stated that decisions regarding gold operations are made based on current market conditions, adding that no timeline has been set for resuming exports. Market analysts suggest this strategy indicates expectations that gold prices will continue to rise.

Concurrently with halting exports, Uzbekistan is aggressively bolstering its international reserves. Last year, the nation's Central Bank ranked among the world's top ten official purchasers of gold. In January alone, total reserves grew by nearly 18%, reaching $65 billion. Notably, gold now constitutes over 86% of these reserves, underscoring a pronounced focus on defensive assets within the current macroeconomic landscape.