Uzbekistan halts gold exports; restart date is undecided

PANews March 2 News, Uzbekistan, one of the world’s largest gold producers, has begun stockpiling its gold output as global geopolitical turmoil drives gold prices to record highs. According to data released by the State Statistics Committee on Monday, the country mines about 130 tons of gold annually, but in January, it did not export any non-monetary gold, continuing the halt that began at the end of last year. Uzbekistan has effectively stopped gold exports since September. There were no export records from November to January, and October’s shipments were minimal. A representative of the Uzbekistan Central Bank stated in an email when asked about the possibility of resuming exports that decisions regarding gold business are based on “a comprehensive assessment of global market conditions, precious metal price trends, and the current macroeconomic situation.” He indicated that it is not possible to determine in advance when gold exports might resume. Uzbekistan’s policy may suggest that authorities believe prices could rise further.