Uzbekistan has resumed full-scale gold exports after an extended period of accumulation, shipping approximately $1.5 billion worth of non-monetary gold in the first four months of 2026, with the bulk of shipments concentrated in April as the country moved to capitalise on gold prices hovering near historic highs of around $4,800 per ounce.
The country had effectively suspended gold exports since September 2025, with January and February 2026 recording zero shipments and March producing only $30 million in sales. During that period, Uzbekistan’s central bank had emerged as one of the largest buyers on the global gold market, building up reserves. The reversal came in April, when central bank reserves declined by approximately 100,000 ounces, signalling a deliberate decision to begin monetising accumulated holdings.
Uzbekistan produces approximately 130 tonnes of gold annually, making it one of the world’s significant producers. Gold remains a central pillar of the country’s export earnings and fiscal revenues, and the timing of the resumption appears calculated to take maximum advantage of elevated market conditions. At current prices, the economic incentive to sell is considerable.
The decision to resume exports comes despite — or perhaps because of — heightened global uncertainty stemming from the conflict involving the United States, Israel and Iran. Central Asian economies including Uzbekistan’s have shown relative resilience to external shocks, and officials appear to have judged that the combination of high prices and stable domestic conditions makes this an opportune moment to strengthen the national budget without waiting for geopolitical tensions to fully resolve.
