Uzbekistan gold exports remain suspended as prices stay high
Key Takeaways:
- No confirmed indefinite suspension of Uzbekistan’s gold exports, per available reporting.
- Episodic pauses affect non‑monetary exports, not central bank monetary reserves.
- IMF November 2025 communication cited no formal, open‑ended export ban.
Uzbekistan gold exports have not been confirmed as subject to an indefinite suspension. Public reporting instead points to episodic pauses in non-monetary gold exports rather than a declared, open-ended ban. In its November 2025 staff communication, the International Monetary Fund did not reference any formal, indefinite suspension of Uzbekistan gold exports.
Non-monetary gold exports differ from monetary gold managed as reserves by the Central Bank of Uzbekistan, and month-to-month flows can vary with reserve management and price conditions. This distinction helps explain how exports can pause temporarily while domestic holdings or production continue. It also underscores why headline claims of a blanket Uzbekistan gold export suspension require careful parsing of terms.
Based on data from Uzdaily.uz, Uzbekistan exported more than US$9.9 billion of gold in the first 11 months of 2025, about 49.4% higher year over year, and recorded no non-monetary gold exports in November 2025. As reported by Kun.uz, shipments were also halted or sharply reduced in January, June, and October 2025.
With global prices in record territory, some coverage framed Uzbekistan’s approach as withholding shipments to manage exposure. Bloomberg reported, “Uzbekistan, one of the world’s largest gold producers, has taken to hoarding its output of the yellow metal as prices hit records amid global geopolitical…”
S&P Global Ratings has highlighted that Uzbekistan’s foreign reserves are highly exposed to gold‑price volatility. That sensitivity can amplify the macro impact of any export pause.
At the time of this writing, Barrick Mining Corporation shares traded near US$50.59, based on NYSE–Nasdaq real‑time pricing. This market reference is contextual and not indicative of Uzbekistan’s export decisions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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