According to the World Gold Council, in May, Uzbekistan ranked second globally in gold sales. Worldwide central bank gold and currency reserves dropped by 27 tons, with precious metal sales declining by over half compared to April.
Uzbekistan sold 11 tons of gold internationally in May, surpassing Kazakhstan and Germany by 5.5 times. Turkey remained the top leader, selling 63 tons of precious metals. The significant sale of gold-currency reserves by Uzbekistan may be attributed to Turkey’s previous policy of artificially supporting its national currency. However, when the central bank decided not to maintain this exchange rate in June, the Turkish lira experienced a sharp decline.
Poland emerged as the primary gold buyer in May, purchasing 19 tons, followed by China with 16 tons. Singapore, Russia, Iraq, India, the Czech Republic and Kyrgyzstan each bought no more than four tons. (Uzreport/Ukrainian metal)