Gold prices reach historic high in Uzbekistan as global rates surge past $2,500 per ounce

On Monday, August 19, the Central Bank updated the prices of gold bars and commemorative coins.

One gram of gold is now valued at 1,051,440 UZS, which is 2.4% higher than at the end of the previous week. A 5-gram gold bar is being offered for 5.257 million UZS.

The previous record, set a week earlier at 5.18 million UZS for a 5-gram bar, has been surpassed by 1.5%. The last record price was set in July.

Global gold prices have exceeded $2,500 per troy ounce ($80.3 per gram) for the first time. The demand for safe-haven assets has increased amid the expected escalation of international conflicts in the Middle East.

The Central Bank began selling gold coins to the public in 2018, followed by gold bars two years later. Individuals were permitted to export them from Uzbekistan, subject to certain conditions.

These measures were explained as an effort to reduce Uzbekistan's economic dependence on foreign currencies. Additionally, according to experts, access to gold will expand investment opportunities and help safeguard savings.

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

According to Central Bank data from September 2023, Uzbek citizens purchased 255 kg of measured gold bars. The most popular were 10-gram bars.