Uzbekistan sees record high in gold prices with 5-gram bars topping 5.3 million UZS

On Thursday, August 29, the Central Bank updated the prices for gold bars and commemorative coins.

The price of one gram of the precious metal reached 1,061,660 UZS, rising by 0.8% in a single day. A 5-gram gold bar is now valued at 5.266 million UZS.

Over the past month, gold prices have set new records five times, with three consecutive days of increases from August 19 to 21. Since the beginning of the year, prices have risen by 25.2%.

Global prices recently peaked at $2,525 per troy ounce, equivalent to $80.9 per gram. They have since slightly decreased, with the current price of a troy ounce at $2,507 ($80.83 per gram).

The Central Bank began selling gold coins to the public in 2018, and gold bars were added two years later. Individual buyers are allowed to take them out of Uzbekistan, provided certain conditions are met.

These steps were explained as efforts to reduce Uzbekistan's economic dependence on foreign currency. Additionally, experts suggest that access to gold will expand investment opportunities and help secure savings.

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, Uzbeks have purchased 255 kg of gold bars, with 10-gram bars being the most popular.