Gold prices in Uzbekistan hit record high since November

The price per gram of precious metal now stands at 1,166,030 UZS, a 1% rise compared to the previous day. A 5-gram bar is priced at 5.83 million UZS, while the newly introduced 100-gram bar is being sold for 116.6 million UZS.

This marks the highest price since early November when a 5-gram bar was sold for 5.879 million UZS. Shortly after, a sharp price drop occurred, with prices briefly falling below 5.5 million UZS (equivalent to 1.1 million UZS per gram).

Global gold prices have also been recovering after a decline in December. Currently, a troy ounce of gold on the international market costs $2,715 ($87.3 per gram), which is 2.5% higher than a month ago.

The Central Bank began selling gold coins to the public in 2018, followed by the introduction of gold bars two years later. Individual buyers are permitted to export these items from Uzbekistan, provided they comply with the necessary conditions.

These initiatives aim to reduce Uzbekistan's economic dependence on foreign currencies. Additionally, experts believe that providing access to gold broadens investment opportunities and offers a secure way to safeguard savings.

Gold coins and bars can be purchased and sold through commercial banks. Prices are updated daily and made available on the Central Bank’s website and Telegram bot.

As of September 2023, according to the latest data from the Central Bank, citizens of Uzbekistan held 255 kilograms of standardized gold bars. The most popular choice has been the 10-gram bars.

Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins in five series, weighing a total of 72 kilograms. In October 2024, the regulator sold out all previously minted coins.