Gold bar prices in Uzbekistan reach new high

On Thursday, July 18, the Central Bank announced an increase in the prices of gold bars and commemorative coins to a new record level.

The price of a gram of gold is now 1,033,740 UZS, having increased by 0.3% in a day and by 21.9% over the year. The cost of a 5-gram measured bar has reached 5,169,000 UZS.

The last time the price peak was updated was almost two months ago, on May 20, when a 5-gram bar was priced at 5,158,000 UZS. Currently, the price of the precious metal has been rising for six consecutive working days after a dip in late June and early July.

Global gold prices have slightly decreased and are currently at $2,467 per troy ounce. The peak was noted on the night of July 16-17, when an ounce was valued at approximately $2,480.

The Central Bank began selling gold coins to the public in 2018, and two years later, gold bars were added. Individuals were allowed to take them out of Uzbekistan, subject to conditions.

These steps were explained by a desire to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts noted that access to gold would expand 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 in a Telegram bot.

According to Central Bank data as of September 2023, people in Uzbekistan purchased 255 kg of measured bars, with 10-gram bars being the most popular.