In September, the world's central banks continued to build up their gold reserves, and Central Asian countries were at the center of this trend. Uzbekistan entered the top three largest buyers of the metal among central banks, and Kazakhstan also replenished its holdings. For residents and businesses of both countries, the growing gold stock can become an additional support for national currencies during periods of turbulence.
Russia, by contrast, became the largest seller of the metal for the month. The sale brings it funds here and now, but reduces its rainy-day reserve. Buyers, meanwhile, risk losing part of the value of their holdings if gold becomes cheaper.
Central Asia buys, Russia sells
The Central Bank of Uzbekistan purchased seven tonnes of gold in September and took third place in the world by volume of purchases. According to World Gold Council (WGC) data, only Poland (25 tonnes) and China (23 tonnes) bought more.
Uzbekistan has been increasing its reserves for more than one month. Earlier, the regulator acquired 16 tonnes in Q2 and also took third place in the world at that time, with the country's gold stock amounting to about 431 tonnes. A large stock of the metal helps protect the sum from external shocks, but makes reserves more sensitive to price fluctuations.
Kazakhstan added five tonnes of gold to its reserves over the month and also turned out to be among the notable buyers. Jordan, the Czech Republic and Bolivia bought less — four, two and one tonne respectively.
Russia found itself at the opposite pole and reduced its metal holdings by six tonnes — more than any other country in September. As a result, the regional neighbors diverge in strategy: Uzbekistan and Kazakhstan are increasing the gold portion of their reserves, while Russia's is shrinking.
Who else influences the price of gold
September purchases fit into a broader trend. Central banks acquired 321 tonnes of the metal in Q3 — 42% more than a year earlier — and this demand supports the price even amid cooling retail interest in bars and jewelry.
Speculators, meanwhile, are acting in the opposite direction. They have reduced positions for the fifth consecutive week and since September 22 have shed $19.5 billion worth of gold. Such selling threatens short-term investors with a further price decline, although for long-term ones, according to analysts' assessment, it offers a chance to buy cheaper.
Pressure from speculators did not prevent the metal from rising in price: on November 4, the price returned above $4,000 per ounce after the US midterm elections amid a weakening dollar. For countries that are stockpiling gold, a price increase raises the value of reserves but makes each new tonne more expensive.
Cryptalist analysis: The divergence in the strategies of the central banks of Central Asia and Russia reflects differing priorities — protecting currency stability versus the need for liquidity. Steady demand from institutional buyers provides fundamental support for gold, while pressure from speculators creates only short-term volatility. For the crypto market, this is a signal: gold retains its role as a safe-haven asset, and its dynamics remain an important indicator of risk appetite.