Gold bar prices reach new highs

On Tuesday, the Central Bank of Uzbekistan updated the price of gold bars and coins.

One gram of precious metal now costs 819,960 soums, or 0.5% more than the day before. An ingot weighing 5 grams is sold for 4.1 million soums.

Quotes of commemorative coins showed a corresponding increase. For example, 15-gram gold coins are now sold at 12.4 million soums.

Since the beginning of the year, the price of the precious metal has repeatedly reached new highs. 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, gold fell in price, and twice dropped below the 3.7 million soums mark per five grams. However, on August 14, quotes showed their strongest rally, rising by 3%, and since then they have continued to grow gradually.

The Central Bank began selling commemorative gold coins to the public in 2018, and gold bars joined them two years later. Individual buyers are 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.

According to the Central Bank, since 2020, Uzbeks have purchased 255 kg of measured ingots. The most popular were 10-gram bars.