Gold prices in Uzbekistan continue to surge: 5-gram bar tops 5.6 million UZS

On Wednesday, September 25, the Central Bank of Uzbekistan updated prices for gold bars and commemorative coins. The cost of one gram of gold currently stands at 1,134,320 UZS, a 1.3% increase from the previous day. A 5-gram gold bar is now priced at 5,672,000 UZS.

Gold prices have surged by 33.7% since the beginning of the year, reflecting both global market trends and increasing demand. Internationally, gold prices are also on the rise, with one troy ounce now valued at $2,658, equivalent to $85.48 per gram.

The Central Bank first began selling gold coins to the public in 2018, followed by the introduction of gold bars two years later. Private buyers are permitted to export these gold items from Uzbekistan under certain conditions.

These initiatives were implemented to reduce Uzbekistan's economic reliance on foreign currencies. Experts also note that broader access to gold provides additional investment opportunities and a safeguard for personal savings.

Gold bars and coins can be bought and sold through commercial banks, with daily price updates available on the Central Bank's website and Telegram bot. As of September 2023, citizens of Uzbekistan had purchased 255 kilograms of gold bars, with 10-gram bars being the most popular.