According to the Central Bank, Uzbekistan's gold and foreign exchange reserves decreased by another $6.8 billion as of July 1, reaching $63.8 billion from the previous level of $70.6 billion. This figure is the lowest since November 2025, when reserves stood at $61.2 billion.
In May, currency reserves decreased by $1.1 billion, falling from $8.6 billion to $7.4 billion. The value of gold within the reserve structure decreased by $5.7 billion, amounting to $55.8 billion. Nevertheless, the physical gold stock increased by 280 thousand troy ounces, equivalent to 8.7 tons, bringing the total volume to 13.88 million troy ounces, which is a record in statistical history and corresponds to approximately 432 tons.
According to the Central Bank's calculations, the drop in gold price from $4516.85 to $4016.7 per troy ounce, representing a decline of 11.1%, led to a decrease in reserve value by $6.9 billion. For comparison, in December, the revaluation of gold contributed to an increase in reserve value by $2.9 billion, and in January—by $8.6 billion. In February, the increase amounted to $1.4 billion, while in March, the decline in prices reduced reserves by $8.3 billion. In April, the rise in quotes added about $1 billion, and in May, there was another decrease of $1.5 billion.
The decline in gold prices was triggered by the rise in oil quotes and expectations of a tighter monetary policy from the US Federal Reserve. After President Donald Trump stated that the interim peace agreement with Iran 'no longer applies,' the price of oil rose by more than 6%. This circumstance once again heightened concerns about accelerating inflation and raised forecasts for interest rate hikes in the US. Although gold is traditionally viewed as a safe-haven asset during periods of geopolitical instability and inflation, rising rates usually negatively affect its value because the metal does not generate interest income and becomes less attractive compared to other income-generating instruments. According to CME FedWatch data, the probability of an Fed rate hike in September increased to 68% compared to 62% the day before.
Previously, the Central Bank indicated that the significant share of gold in the reserve structure was due to a conservative approach to asset management. However, the regulator has begun the process of gradually diversifying its portfolio, taking into account the risks associated with precious metal price volatility. International reserves play a critically important role in ensuring macroeconomic stability, allowing for the mitigation of national currency exchange rate fluctuations, covering external debts, providing import financing in crises, and protecting the economy from external shocks, whether it be a fall in commodity prices or turbulence in financial markets.
Throughout June, there has been a steady decrease in the cost of gold and silver. The prices of these metals are falling daily, causing them to trade significantly below their record highs. Today, commodity market prices for both metals also decreased: gold fell by 1200 rupees, and silver lost about 1500 rupees.
As of 11:00 on MCX, the price of gold with a contract for August 5 decreased by 0.92%, reaching 141,099 rupees per 10 grams. At the same time, the price of silver with a contract for September 4 dropped by 1500 rupees, reaching the mark of 220,247 rupees per kilogram.
Looking only at June, a significant drop in the prices of gold and silver was noted. During this month, the price of silver decreased by 54,400 rupees, which is approximately 20 percent. The price of gold for June decreased by 20,000 rupees, or 12.5 percent.
Regarding silver, its price on the commodity market was 2.39 lakh rupees per 10 grams on June 19, but today it has fallen to 2.21 lakh rupees, representing a loss of 18,000 rupees over 10 days. Furthermore, over the last five days, silver has lost up to 9000 rupees.
For gold, its price on June 19 was 1.47 lakh rupees per 10 grams, and now it has decreased by 6000 rupees to 1.41 lakh rupees per 10 grams. Over the last five days, gold has shown a decrease of 2000 rupees per 10 grams.
A decline in gold and silver prices is also observed globally. The international price of gold has fallen by more than 1 percent, trading at $3,996.05 per ounce. The price of silver has decreased by 1.37 percent, reaching $57.83 per ounce.
Amid discussions about the change of Prime Minister in Great Britain, debates are intensifying over who will take the post of Finance Minister. This decision will affect not only the political situation in London but also the financial market and the lives of millions of Britons. Among the main candidates considered are figures such as Wes Streeting, known for his support of economic growth, and Ed Miliband, former leader of the Labour Party and current Energy Secretary. Also on the list are Pat McFadden, former Business Secretary, andYvette Cooper, Foreign Secretary, who has experience working in the Treasury. In addition to them, Shabana Mahmood, John Healey, Darren Jones, Torsten Bell, and the possibility of Rachel Reeves retaining the Finance Minister post are being discussed. At the moment, no final decision has been made on this issue, but the fierce competition for this position could determine the future direction of the British economy.
