Uzbekistan fully resumed gold exports in April, with export value reaching approximately 1.5 billion USD in the first four months.

⑴ As one of the world's largest gold producers, Uzbekistan fully resumed gold exports in April after a hiatus of more than half a year. According to a report from the country's State Statistics Committee on Tuesday, approximately $1.5 billion worth of non-monetary gold was exported during the first four months of this year, with the bulk of the exports completed in April. ⑵ Uzbekistan's annual gold output is about 130 tons. Since September last year, the country had effectively ceased gold exports, while over the same period its central bank became one of the world's largest gold buyers. ⑶ From a trading psychology perspective, the timing of Uzbekistan’s resumption of gold exports is noteworthy. International gold prices are currently at high levels, and geopolitical uncertainty is driving demand for safe-haven assets; resuming exports at this time helps the country secure additional foreign exchange income. ⑷ Another major gold producer, Russia, has also accelerated gold sales recently. With both major producers increasing market supply simultaneously, this could have some impact on the supply-demand balance in the gold market. Going forward, attention should be paid to whether gold prices at high levels face supply-side pressure and whether central bank gold-buying demand can offset the increased supply.