TASHKENT - Uzbekistan's gold and foreign exchange reserves decreased by $307.2 million as of June 1, from $70.89 billion to $70.58 billion, according to Central Bank data. This decline followed an increase in April, Gazeta.uz reports.
Foreign exchange reserves decreased in May from $8.72 billion to $8.57 billion. The value of gold in the reserves structure decreased by $156 million, to $61.4 billion, despite an increase in the physical volume of gold by 280,000 troy ounces (approximately 8.7 tons), reaching a record 13.6 million ounces (approximately 423 tons).
According to the regulator, the fall in the gold price from $4,625.8 to $4,516.85 per ounce (-2.6%) reduced the value of the reserves by approximately $1.5 billion. In previous months, however, the impact of prices was mixed: in December and January, rising prices increased reserves, while in March, falling prices led to a sharp decline.
Additional pressure on the market was heightened by strong US employment data and geopolitical tensions in the Middle East, which supported oil prices and inflation expectations. This increased the likelihood of the Fed maintaining or raising interest rates, which traditionally reduces the appeal of gold as a non-yielding asset.
In May, the international securities portfolio also grew sharply – from $1.5 billion to almost $2.85 billion, and their share increased from 2.2% to 4%. The Central Bank notes that, despite the high share of gold, the regulator is gradually expanding asset diversification, taking into account price volatility.
International reserves remain a key instrument of macroeconomic stability, helping to smooth out currency fluctuations, service external obligations, and protect the economy from external shocks.
CentralasianLIGHT.org
June 8, 2026