Gold bars and coins rise in price to record highs since May

As of December 22, a 5-gram bar costs 3.46 million soums (692,000 soums per gram). The previous time such quotes were noted was on May 25.

The prices of commemorative coins also increased. Now a 15-gram coin costs 10,479,000 soums – such prices have not been noted since the beginning of May.

The previous price peak was observed in March-April when the cost of a 5-gram gold bar reached 3.75 million soums. However, then the prices dropped by 16%, to the lowest level since the beginning of the year.

Gold quotes increased sharply in early December. Then, in two days, it rose in price by about 4.5% - a 5-gram bar on December 2 cost 3.377 million soums.

Against the backdrop of relatively high prices and a reduction in foreign exchange reserves, Uzbekistan started gold exports in November after a seven-month hiatus. Last month, the Central Bank sold $557 million worth of gold.

The Central Bank began selling commemorative gold coins to the public in 2018 and gold bars – in 2020. Individual buyers are allowed to take them out of Uzbekistan under certain conditions.

These steps were explained by the desire to reduce the dependence of the Uzbek economy on foreign currency. In addition, according to experts, access to gold will expand investment opportunities and help secure savings.

As of September 2021 (latest publicly available data), Uzbeks bought 5,100 bars and 2,500 coins. The total volume of gold in their hands amounted to 168.6 kg.