Uzbekistan resumes gold exports after six-month halt

Uzbekistan resumed gold exports after a six-month halt, exporting roughly $1.5 billion of non-monetary gold in the first four months of 2026 with most sales in April. The country, which produces about 130 tonnes a year, had paused exports after September 2025; exports were zero in January-February and only $30m in March. Reserve data show Uzbekistan’s central bank sold roughly 100,000 troy ounces in April. The move increases physical supply amid record gold prices (around $4,800/oz) and, together with higher Russian gold sales, could add near-term downward pressure on prices or temper further rallies, though market effects may be cushioned by strong demand and geopolitical uncertainty.