Uzbekistan was one of the countries that sold the most gold

Central banks worldwide increased their gold reserves by 50 tonnes in November, according to the World Gold Council. Uzbekistan is also one of the countries that sold the most gold, exporting $556.7 million worth of gold in November for the first time in seven months.

The figure was 47% higher than the 34 tonnes in October. In November, the People's Bank of China alone announced the purchase of 32 tonnes of gold and became the absolute leader. For the first time since September 2019, the bank announced an increase in foreign exchange reserves. The announcement is significant given China's historical position as a major gold buyer, having accumulated 1,448 tonnes of gold between 2002 and 2019.

At the end of November, the People's Bank of China's gold reserves stood at 1,980 tonnes (3.4% of total reserves). The Central Bank of Turkey continued to buy gold in November, adding another $19 million to its official reserves (Central Bank and Treasury) to 517 tonnes (27 per cent of total reserves).

The Central Bank of Kyrgyzstan purchased 3 tonnes of gold for the first time this year and increased its total gold reserves by 16 tonnes.

The Central Bank of Uzbekistan and National Bank of Kazakhstan led the way in gold sales. Kazakhstan reduced its gold reserves by about 4 tonnes to 380 tonnes (-5% year-on-year). Uzbekistan's gold reserves in November decreased by almost 2 tons to 397 tons.

In November, Uzbekistan exported gold worth $556.7 million for the first time in seven months. The country last exported this precious metal in March.