Uzbekistan became the largest seller of gold in the world in October, the World Gold Council reports.

In October, central banks increased global gold reserves by 42 tons. This is a 41% decrease compared to September, but it is still 23% above the average for January-September 2023.

The largest buyer was again the People's Bank of China (23 tons), followed by the Central Bank of Turkey (19 tons) and the National Bank of Poland (3 tons).

Uzbekistan became the largest seller of the precious metal - 11 tons. Next comes Kazakhstan, which sold 2 tons. According to the World Gold Council, they often switch between buying and selling the precious metal, which is not uncommon for banks buying gold on the domestic market.

Having taken first place in gold sales in the world in October, Uzbekistan reduced its reserves to 339 tons, gazeta.uz writes.

The publication also refers to data from the Statistics Agency of the Republic of Uzbekistan, according to which in October Uzbekistan exported gold worth $1.23 billion, and over 10 months - a record $6.87 billion, which is 2.3 times more than for the same period of the last year.

In January-October, the Central Bank of Uzbekistan sold 0.7 million troy ounces, or 21.7 tons of gold.

ORIENT news