Gold bar prices reach new highs in Uzbekistan

Gold prices are rising in the world market. At its peak during trading on October 20, the price for a troy ounce exceeded $2,000.

The global dynamics of precious metal quotations were also reflected in the local market. The Central Bank of Uzbekistan on Monday, October 23, set the price at a new record level.

A gold bar weighing 5 grams now costs 4.027 million soums – 805.4 thousand soums per gram. Compared to Friday, prices increased by 1.98%, Spot writes with reference to the Central Bank.

Commemorative coins also reached a new maximum. For example, a 15-gram coin is now valued at 12,198,000 soums.

Since the beginning of the year, the price of the precious metal has broken several records. In March, the cost of the smallest bar for the first time crossed the mark of 3.8 million soums, and in early May - 3.9 million soums.

In the summer, a five-gram gold bar price dropped to 3.7 million soums. However, on August 14, quotes showed their strongest rally since the beginning of the year, adding 3%, and in September they renewed their peak levels for two days in a row.

The Central Bank began selling commemorative gold coins to the public in 2018, and gold bars joined them two years later. Individual buyers were allowed to export them from Uzbekistan, subject to 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.