Resource rich Central Asian state of Uzbekistan has emerged as a key supplier of gold to its strategic partner India.
Between January to March 2019, the largest sellers of gold were Uzbekistan with 6.2 tons of this precious metal, Mongolia - 3.4 tons, and Tajikistan - 1 ton, according to a report by the World Gold Council.
Russia was principal buyer of gold. In the first quarter of this year, the Central Bank of the Russian Federation purchased 55.3 tons of gold bringing the volume of gold reserves to 2,168.3 tons. 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).