PRECIOUS METALS | Uzbekistan Halts Gold Exports Amid Global Geopolitical Tensions

Uzbekistan, one of the world's largest gold producers, has begun stockpiling its gold output as global geopolitical tensions drive gold prices to record highs. According to Jin10, data released by the State Statistics Committee on Monday shows that the country mines approximately 130 tons of gold annually but did not export any non-monetary gold in January, continuing a halt in sales that began late last year. Uzbekistan effectively ceased gold exports after September, with no export records from November to January and minimal shipments in October. A representative from Uzbekistan's central bank, when asked about the potential resumption of exports, stated in an email that decisions regarding gold operations are based on a comprehensive assessment of global market conditions, precious metal price trends, and the current macroeconomic situation. The representative noted that it is not possible to determine in advance when gold exports might resume. Uzbekistan's policy may indicate that authorities believe prices could rise further.