Gold prices in Uzbekistan hit record highs for third consecutive day

Prices for gold bullion and commemorative coins continued to reach new heights on Wednesday, March 6, as reported by the Central Bank.

As of now, one gram of the precious metal is valued at 885,280 UZS, registering a 1.8% increase within a single day. A five-gram bar is priced at 4.426 million UZS.

This day marks the third consecutive occasion when the price of gold in banks has reached a new record level. The previous day, precious metal quotes on global exchanges also hit multiyear peaks, rising to $2,125 per troy ounce ($68.3 per gram).

Experts note that the demand for gold is rising in anticipation of rate cuts in the US and other advanced economies. Chinese buyers are interested in the precious metal as a safe asset, while conflicts in the Middle East are fueling investor fervor from other countries.

In 2023, the price of the precious metal repeatedly set new records. In March, the cost of the smallest bar for the first time exceeded the 3.8 million UZS threshold, and at the beginning of May — 3.9 million UZS.

Gold declined in price over the summer, with two instances where prices fell below the 3.7 million UZS mark for five grams. However, on August 14, the quotes showed the strongest rally since the beginning of the year, gaining 3%, and have since continued to rise gradually.

The Central Bank began selling gold coins to the public in 2018, with gold bullion added two years later. Individual buyers were allowed to export them from Uzbekistan, subject to certain conditions.

These measures were explained by the desire to reduce the Uzbek economy's dependency on foreign currency. Moreover, according to experts, access to gold will expand investment opportunities and help safeguard savings.

Coins and bullion can be bought and sold through commercial banks. Their prices are updated daily and published on the Central Bank's website and through a Telegram bot.

According to the Central Bank, since 2020, citizens of Uzbekistan have purchased 255 kg of standard bullion, with the 10-gram bars being the most popular.