The Central Bank of Uzbekistan switched from selling to buying gold in June, according to a report by the World Gold Council.

According to data from the International Monetary Fund and other public sources, global regulators collectively increased their gold reserves by 22 tonnes in the first month of summer. Since the beginning of the year, the total tonnage of precious metal reserves has increased by 123 tonnes.

The main buyer of gold was the Central Bank of Uzbekistan, adding 9 tonnes over the month. Prior to this, the regulator had been selling the precious metal for four consecutive months.

Second place was taken by the National Bank of Kazakhstan with 7 tonnes. Additionally, the People’s Bank of China, as well as the Central Bank of Turkey and the Czech National Bank, each purchased 2 tonnes of gold during the month.

The regulators of Ghana, Qatar, Kyrgyzstan, and the Philippines each purchased one tonne. The only major seller of gold in June was the Monetary Authority of Singapore, which sold 6 tonnes.

Uzbekistan remains the leader in the sale of the precious metal since the beginning of the year, having sold about 18 tonnes in the first half of the year. Singapore sold slightly less (16 tonnes), and the Bank of Russia is in third place with a significant gap.

The National Bank of Poland has bought the most gold in the six-month period – 67 tonnes. The State Oil Fund of Azerbaijan is in second place with 35 tonnes, and Kazakhstan rounds out the top three (22 tonnes).

Source: Spot.uz