World Gold Council revealed Uzbekistan as largest seller of bullion in first quarter of 2019 with 6.2 tons of the precious metal. The country is ready to export 80 tons of gold in the current year which is 10 tons more than 2018. Mongolia with 3.4 tons and Tajikistan with 1 ton, were the second the third respective sellers of gold between January to March.
Russia emerged as the principal buyer with the Central Bank of the Russian Federation purchasing 55.3 tons of gold bringing the volume of gold reserves to 2,168.3 tons. It is believed that Russia wants to reduce its dependence on the US dollar in the case of the introduction of new sanctions. Furthermore, during this period, large volumes of gold were acquired by the Central Banks of Turkey (40.1 tons), China (33 tons), Kazakhstan (11.2 tons), Ecuador (10.6 tons), Qatar (9.4 tons), India (8.4 tons) and Colombia (6.1 tons). In total, in 1Q2019, the national banks of the countries world-wide acquired 145.5 tons of gold, which is a record over the past six years and 68 percent more than in the same period last year.