Uzbekistan has raised its gold reserves for the first time since July.

As a result, Uzbekistan's total gold reserves reached 382 tons by the end of November.

This move aligns with the global trend of central banks increasing their gold reserves. In November, net global purchases of gold by regulators amounted to 53 tons, continuing the trend observed throughout 2024.

Among other significant buyers were the National Bank of Poland, which acquired 21 tons, as well as the Reserve Banks of India, Kazakhstan, and China, each adding 5 tons. Meanwhile, Singapore emerged as the largest seller, offloading 5 tons of gold.

Uzbekistan's decision, along with that of other countries, to boost their gold reserves is linked to economic factors such as the recent drop in gold prices, partially triggered by the U.S. presidential elections, according to the WGC.