Gold bar prices hit record high in Uzbekistan as Central Bank updates rates

On Monday, April 8, the Central Bank set the prices for gold bars and commemorative coins at a new maximum.

A 5-gram bar is currently priced at 4.92 million UZS — 111,000 UZS more expensive than the previous Friday. One gram of the precious metal is worth 983,920 UZS, up by 2.2% for the day and 16% since the beginning of the year.

Prices on global exchanges also continue to refresh multi-year highs. As of the closing of trading on April 5, a troy ounce was valued at $2327.70, which is equivalent to $75 per gram.

The Central Bank began selling gold coins to the population in 2018, and two years later, gold bars were added to the offerings. Individuals who purchase them are allowed to take them out of Uzbekistan, provided they follow certain conditions.

These moves have been explained by a desire to reduce the Uzbek economy's dependence on foreign currency. Additionally, according to experts, access to gold will widen investment opportunities and help secure savings.

Coins and bars can be bought and sold through commercial banks. Their prices are updated daily and published on the Central Bank's website and on a Telegram bot.

According to the Central Bank, since 2020, citizens of Uzbekistan have purchased 255 kg of standard bars, with the 10-gram bars being the most popular.