Gold prices have rebounded sharply above the $3,400 mark, driven by revived safe-haven demand amid escalating geopolitical tensions. Investor uncertainty intensified following US President Donald Trump’s renewed hardline stance on trade tariffs with China, compounded by military confrontations in Ukraine, the Middle East, and along the India-Pakistan border. This has weakened the US dollar’s momentum and pushed investors back toward gold.
Despite a hawkish pause by the Federal Reserve, concerns over global economic stability have limited gains in equity markets, helping gold maintain its upward trajectory. Analysts suggest that if gold breaks above the $3,434–$3,435 resistance zone, it may retest its all-time high near $3,500.
At the same time, Uzbekistan has emerged as the world’s top net gold seller, offloading 11 tonnes in March 2025 and a total of 15 tonnes in Q1, according to the World Gold Council. This comes as global gold prices soar, helping the country’s reserves reach a record $50 billion. The Navoi Mining and Metallurgical Combine — a top global producer — played a pivotal role, increasing output and revenues that bolster public spending and macroeconomic stability.
While the IMF cautions against overreliance on volatile gold revenues, Uzbekistan and Kazakhstan continue to strategically manage their reserves, using gold sales to fuel infrastructure and economic resilience. In contrast to the global trend of central banks accumulating gold, both nations are acting as net sellers, signaling a proactive fiscal strategy in a turbulent financial landscape.
With global demand for gold expected to rise — potentially hitting $3,700 per ounce in 2026 — Central Asia is cementing its status not just as a resource hub, but as an emerging force in the global financial system.
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