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Gold

Uzbekistan’s First Quarter 2024 Gold Exports Rise to $2.66 Billion

Uzbekistan exported gold worth $2.66 billion in the first quarter (January-March) of 2024. In 1Q 2024, Uzbekistan's total foreign trade turnover amounted to $15.8 billion, which is almost $1 billion (6.2%) more than in the same period in 2023. Exports increased by 10% to $6.38 billion, and imports increased to $9.44 billion. The foreign trade deficit decreased slightly and amounted to $3.05 billion, which is $232.2 million less than in 2023. In 1Q 2024, gold exports increased by 10.5% annually and amounted to $2.66 billion -- in 1Q 2023, the figure was $2.41 billion. Revenues from gold exports comprised 41.7% of the country’s total exports. More than $1.35 billion worth of gold was exported in March, or nearly the same amount as in February ($1.32 billion). Looking at the total annual figures, in 2023 Uzbekistan's total export volume was $24.4 billion. Of that sum, 33.4%, or $8.1 billion, was accounted for by gold exports.

Gold

Uzbekistan Sold the Second Most Gold Last Year; Kazakhstan Held Top Spot

In 2023, Uzbekistan ranked second in the world in total gold sales, as the country sold more than 25 tons of the precious metal. That's according to data provided by the World Gold Council. Kazakhstan, having sold twice as much gold, took first place on the list. Annual revenue from Uzbek gold exports reached $8.15bn -- almost twice as much as in 2022. China bought the most gold last year, almost 230 tons. Poland, Singapore, Libya and the Czech Republic followed China on the list of top buyers. At the end of last year, gold set another record price of $2,135.39 per troy ounce, the highest price since the 2020 Covid-19 pandemic. Experts attribute gold's price gains to persistently high inflation and the conflict in the Middle East. Uzbekistan, with 362 tons of gold reserves, ranks 15th in the world. Among the Central Asian republics, it's outranked only by Kazakhstan with 402 tons of gold. The country's gold reserves can act as a shock absorber or insurance policy for the national economy -- which may be needed in cases of unfavorable macroeconomic conditions or as a defense against various financial or banking crises. According to the Central Bank of Uzbekistan, as of February 6, a five-gram gold bar costs $335. The country's central bank first began issuing and selling gold bars to the public in November 2020. They are made of pure, 999.9-grade gold weighing five, 10, 20 and 50 grams. They can be purchased through banks across the republic at prices set by the regulator -- based on quotes from international markets, the exchange rate of the sum against the U.S. dollar, as well as the regulator's margin. The price of bullion is published daily. According to Central Bank head Mamarizo Nurmuratov, "in the near future, Uzbekistan's producers will be able to sell gold directly on the world market". Currently, the Central Bank of Uzbekistan buys gold inside the country in sums and sells them for dollars on the foreign market.

Handicraft Gold

Kyrgyz Gold Mines Produce Over 20 Tons Annually, But Local Jewelers Pay Above Global Price

Jewelers in Kyrgyzstan produced goods worth $1.6 million in 2023, five times more than in 2022, the Ministry of Economy and Commerce of Kyrgyzstan has stated. The ministry said the jewelry industry is important for the republic, not only because of its income, but also because of its importance in the country's culture, history, and tourism, and the government will support it in every way possible. "As part of the state support to date, jewelry manufacturers pay VAT with an 80% reduction. The leadership of the ministry highly appreciates the contribution of manufacturers to the preservation and development of this beautiful art," Deputy Minister of the Economy and Commerce, Ainura Usenbekova said at a meeting with jewelers. Meanwhile, the jewelers noted that despite the fact that more than 20 tons of gold is mined annually in Kyrgyzstan, the main problem for their industry is the supply of this precious metal. "The situation in this area has not changed for many years. We do not have physical access to metal, and if we do, it is at an inflated price. Gold bars sold to us by the National Bank between 5 and 20% more expensive than the global gold price. Plus, another 5% is added by Kyrgyzaltyn," said Stalbek Akmatov, president of the Kyrgyz Jewellers Union. Kyrgyzaltyn a Kyrgyz state company which controls gold circulation in the country Jewelers believe that until issues with the price of gold are settled so it's sold on the domestic market at prices comparable to those on the London Mercantile Exchange, serious development of the industry is out of the question. The Ministry of the Economy stated that they are aware of the problem, and the authorities are ready to discuss and work on creating competitive conditions for the continued development of the industry.

Gold Mining Kazakhstan

EDB loans $44 million to Kazakhstan’s gold producer

ASTANA (TCA) — The Eurasian Development Bank (EDB) and Altynalmas, a major gold producer in Kazakhstan, have signed loan agreements for a total of US $44.6 million to finance Altynalmas Group of Companies’ investment programs aimed at enhancing gold production. Continue reading

Gold Uzbekistan

Uzbekistan to increase gold reserves

TASHKENT (TCA) — Uzbekistan's gold reserves are expected to increase by 474 tons worth 18.75 billion U.S. dollars during 2020-2024, according to a draft document published on February 26 by the country's State Committee for Geology, Xinhua news agency reports. Continue reading

Kyrgyzstan Kumtor Gold Mining

Kyrgyzstan: Skies over Kumtor gold field darken once more

BISHKEK (TCA) — As the Kyrgyz government again wants to revise its agreement with Canada-based Centerra concerning the Kumtor gold mine, we are republishing this article on the issue, originally published by Eurasianet: Continue reading