Uzbekistan's gold exports rose sharply to $3.57bn in the first quarter of 2025, with the precious metal accounting for 44% of the Central Asian country's total export revenues, according to the state’s statistics agency.

The export surge, driven largely by elevated world gold prices that reached record levels and a concentrated sale made by the Central Bank of Uzbekistan (CBU), pushed total exports for the quarter to $8.1bn — up 24.4% y/y.

The $3.57bn figure marks a sizeable jump from the $2.66bn recorded in the first quarter of 2024 and $2.4bn posted in the same period of 2023. Gold exports in the first quarter of 2021 stood at just $1bn, while no shipments were recorded in the same period of 2020.

Historical data highlights other volatility in gold export volumes over the past decade, with the figures, for instance, ranging from $823.9mn in 1Q15 to $1.3bn in 1Q18, with the numbers fluctuating on global gold prices and domestic monetary policy.

The international price of gold reached a record $3,509 per ounce on April 22, before retreating slightly, as investors sought safe assets amid economic uncertainties caused by factors such as the US Trump administration's import tariffs policy.

In March, the price of gold rose by 9.6%, increasing from $2,857 at the beginning of the month to $3,120 per ounce by month-end.

In January, Uzbekistan led the global gold-buying rankings, as the central bank increased its reserves by eight tonnes.