The increase in global gold prices is significantly boosting Uzbekistan’s international reserves. At the same time, a sharp decline in the price of the precious metal could negatively affect the country’s reserves and export revenues. The «Fitch Ratings» agency considers Uzbekistan one of the countries most vulnerable to changes in global gold prices.
According to «Fitch Ratings», as of 1 August 2026, Uzbekistan’s total international reserves amounted to 64.35 billion US dollars. Of this amount, 56.12 billion dollars, or 87.2 percent, accounted for monetary gold. This indicator places Uzbekistan first in the world by the share of gold in the structure of international reserves.
The rise in gold prices on global markets directly affects the value of the country’s international reserves. In particular, Uzbekistan’s international reserves increased by 589.8 million dollars in July. Around 490 million dollars of this growth was due to the increase in gold prices on the global market.
According to calculations, about 83 percent of the monthly increase in reserves was linked to the rise in the value of gold. In July, the global gold price increased from 4,016.7 to 4,052.2 dollars per troy ounce. This situation provides the country with an important financial advantage. During periods of high gold prices, the dollar value of existing gold reserves also automatically increases.
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