Gold prices in Uzbekistan hit record highs amid global market surge

On Tuesday, August 13, prices for gold bars and commemorative coins in Uzbekistan reached a new peak, according to the Central Bank.

One gram of the precious metal now costs 1,036,080 UZS, which is 1.9% more than the previous day. The smallest bar, weighing 5 grams, is valued at 5.18 million UZS.

The previous peak in gold prices was recorded on July 18, when a 5-gram bar cost 5.169 million UZS. Before that, the record was updated in May.

Global gold prices have also reached new highs. As of 9:30 AM Tashkent time, an ounce of the precious metal is priced at $2,462 ($79.18 per gram), with peak offers reaching $2,475 ($79.6 per gram).

The Central Bank began selling gold coins to the public in 2018, followed by gold bars two years later. Private buyers are allowed to export them from Uzbekistan, provided certain conditions are met.

These steps were taken to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts suggest that access to gold will expand investment opportunities and help safeguard savings.

Gold coins and bars can be bought and sold through commercial banks. Prices are updated daily and published on the Central Bank's website and Telegram bot.

As of September 2023, according to the Central Bank, people in Uzbekistan purchased 255 kg of standard gold bars, with 10-gram bars being the most popular.