Uzbekistan leads global gold sales in February
Uzbekistan leads global gold sales in February
Uzbekistan topped the world's gold sales in February according to the monthly report by the World Gold Council. The global central banks' gold reserves dropped by 6 tons during the month, but they remain at their highest level in 31 years. Since December 2020, Uzbekistan's Central Bank has reduced its gold reserves to the minimum level with 22 tons.
However, the remaining 339 tons still represent 59 percent of the country's currency reserves. Qatar Central Bank ranks second, selling 6 tons of gold. Meanwhile, the National Bank of Kazakhstan sold 5 tons, and Mongolia and Germany each reduced their reserves by one ton.
On the other hand, several countries increased their gold reserves. Turkey purchased 25 tons, India bought 2.6 tons, and Ireland acquired 1 ton within the month. Experts anticipate a rise in gold purchases by countries' regulators in the future, especially tensions arising from the Russia-Ukraine conflict. Such situations typically lead to increased demand for gold.
Some observers highlight gold's attractiveness as an alternative reserve currency to the dollar. However, economists believe the dollar's reserve status is secure for the foreseeable decades.
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