Uzbekistan's Gold Reserves Soar Amid Global Price Surge

Uzbekistan's international reserves have reached $72 billion, according to recent figures. The increase is largely attributed to a significant surge in global gold prices, which rose by nearly 13.6 percent from $4,052.2 per troy ounce to $4,602.

The price rally was supported by a weaker US dollar, lower yields on US government bonds, and increased purchases by exchange-traded funds. As a result of the rising gold prices, Uzbekistan's Central Bank increased its physical gold holdings by 258,900 troy ounces or around 8.05 tons.

The value of the country's gold reserves has now surpassed $64.93 billion, accounting for nearly 90 percent of its international assets. The Central Bank continues to diversify its reserve structure to reduce risks associated with fluctuations in precious metal prices.