Gold prices reach new heights as 5-gram bar tops 5.7 million UZS

Currently, the price of gold stands at 1,148,740 UZS per gram, reflecting a 1.2% increase within a single day. The smallest gold bar, weighing 5 grams, is now priced at 5,744,000 UZS. This marks a new record, surpassing the previous high reached three weeks ago after a five-day rally, followed by a temporary price decrease. Since the beginning of the year, the value of gold has surged by 35.5%.

International gold prices are also setting records, with the price of a troy ounce in December contracts reaching $2,710, equivalent to approximately $87.14 per gram. Experts note a growing interest in gold as a safe-haven asset amidst global uncertainty, predicting that market volatility will persist until after the U.S. elections and the establishment of a new administration.

The Central Bank began selling gold coins to the public in 2018 and introduced gold bars two years later. Buyers are permitted to export these gold products from Uzbekistan under specific conditions. These initiatives aim to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts suggest that increased access to gold will expand investment opportunities and help secure savings.

Gold coins and bars can be bought and sold through commercial banks, with prices updated daily and published on the Central Bank's website and Telegram bot. As of September 2023, Uzbekistanis collectively held 255 kilograms of gold bars, with 10-gram bars being the most popular.