Gold prices hit new highs for the first time since year beginning 

The Central Bank on Monday, March 4, updated prices for gold bars and coins.

A gram of the precious metal is estimated at 856,720 soums – 1.2% more expensive than on Friday. A 5 gram bar is now sold for 4.284 million soums.

The new price was a record since the launch of bullion sales. The last time the record was broken was in early December, when 5 grams were valued at 4.25 million soums.

In 2023, the price of the precious metal repeatedly reached new highs. In March, the cost of the smallest bar for the first time crossed the mark of 3.8 million soums, and in early May – 3.9 million soums.

In the summer, gold fell in price, and twice prices fell below 3.7 million soums per five grams. However, on August 14, quotes showed their strongest rally since the beginning of the year, adding 3%, and since then they have continued to gradually grow.

Global gold prices have also reached multi-year highs in recent days. At the time of publication, the cost per ounce was close to $2090.

The Central Bank began selling commemorative gold coins to the public in 2018, and gold bars joined them two years later. Individual buyers were allowed to export them from Uzbekistan, subject to conditions.

These steps were explained by the desire to reduce the dependence of the Uzbek economy on foreign currency. In addition, according to experts, access to gold will expand investment opportunities and help secure savings.

Coins and bars can be bought and sold through commercial banks. Prices for them are set daily based on world gold quotations, after which they are published on the Central Bank website and in the Telegram bot.

According to the Central Bank, since 2020, Uzbeks have purchased 255 kg of measured ingots. The most popular were 10-gram bars.