Gold prices in Uzbekistan hit record highs for second consecutive day amid global market trends

The price of standard gold bars and commemorative coins in Uzbekistan has reached new highs for the second consecutive day, according to the Central Bank.

On Tuesday, August 20, the price of a gram of gold increased to 1,058,120 UZS, marking a 0.6% rise compared to the previous day. A 5-gram bar is being offered at banks for 5,291,000 UZS.

The day before, the price of gold surpassed 5.25 million UZS for five grams, and this marks the third record-breaking day since the beginning of August. Compared to the start of the year, prices have risen by 24.8%.

Global gold prices remain at peak levels, though their growth has slowed. On international exchanges, a troy ounce of gold is trading at $2,502, which equates to $80.46 per gram.

The Central Bank began selling gold coins to the public in 2018, and two years later, gold bars were added to the offerings. Private buyers are allowed to export these items from Uzbekistan, provided they meet certain conditions.

These initiatives were aimed at reducing Uzbekistan's economic dependence on foreign currency. Additionally, experts suggest that increased access to gold will expand investment opportunities and help protect savings.

Coins and bars can be bought and sold through commercial banks. Prices are updated daily and can be found on the Central Bank’s website and through a Telegram bot.

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