Uzbekistan sees gold prices reach new highs

On Monday, April 1, prices of gold bars and commemorative coins reached a new maximum, according to the press service of the Central Bank.

One gram of the precious metal is now priced at 943,380 UZS, which is 1.1% more expensive than last Friday. A five-gram bar is being sold for 4.717 million UZS.

On the world markets, the price of gold also reached a new record high. A troy ounce is now offered at $2234 — which equates to $72.66 per gram.

Throughout March, the cost of the precious metal repeatedly reached record highs. In one week, the 5-gram bar increased in price by 200,000 UZS, and on March 12, it first reached the mark of 4.5 million UZS. Since the beginning of the year, prices have risen by 11.2%.

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

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

Coins and bars can be purchased and sold through commercial banks. Their prices are updated daily and published on the website of the Central Bank and in the Telegram bot.

According to the Central Bank, since 2020, residents have acquired 255 kg of measured ingots. The most popular have been the 10-gram bars.