Uzbekistan halts gold exports, resumption date undecided

PANews reported on March 2 that Uzbekistan, one of the world's largest gold producers, has begun stockpiling its mined gold as global geopolitical turmoil has driven gold prices to record highs. According to data released by the National Statistics Committee on Monday, the country mines about 130 tons of gold annually, but did not export any non-monetary gold in January, continuing the halt in sales that began at the end of last year. In fact, Uzbekistan stopped exporting gold after September. There were no export records from November to January, and shipments in October were minimal. When asked about the possible resumption of exports, a representative from the Central Bank of Uzbekistan stated in an email that decisions regarding gold operations are based on "a comprehensive assessment of global market conditions, precious metal price trends, and the current macroeconomic situation." He said it is not possible to determine in advance when gold exports might resume. Uzbekistan's policy may indicate that authorities believe prices could rise further.