BAKU, Azerbaijan, Oct. 8
By Klavdiya Romakayeva - Trend:
Uzbekistan's central banks sold more gold in August than they bought, Trend reports, citing data from the World Gold Council (WGC).
Gold rallied from just over $1,500 in early 2019 to a record high of $2,072 in early August and then dropped to around $1,900.
European and American investors, stocking gold as a guarantor during the pandemic, contributed to the rise in prices. However, demand from other large consumers such as jewelry buyers and central banks became weak.
Uzbek central banks, which together hold about 35,000 tons of gold worth $2 trillion, sold 12.3 tons of gold more than they bought in August, according to the WGC. At the same time, Uzbekistan sold 31.7 tons of gold.
By September, the share of gold in the country's total exports amounted to 50 percent. In monetary terms, the share of gold sold by the country in the first eight months of the year increased to $5.8 billion, having increased by 47.2 percent or by $1.8 billion over the same period last year.
Over the past five years, gold exports have grown several times. So, in 2015 it was gold export amounted to $823.9 million, in 2016 - $738.2 million, in 2017 - $1.6 billion, and 2019 - $4.9 billion.
Earlier it was reported that Uzbekistan became the absolute leader in gold sales in July. In July Uzbekistan sold 11.6 tons of gold.
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