Gold prices hit record high for fifth consecutive day in Uzbekistan

Gold bullion and commemorative coin prices in Uzbekistan's banks have once again hit a record high, as reported by the Central Bank.

One gram of gold is now sold for 889,520 UZS, approximately 1.2% higher than last Thursday. The price for a 5-gram bar has reached 4.498 million UZS.

World market quotations are also setting new decade long highs. A troy ounce of gold currently commands $2,180 — equivalent to $70 per gram.

Gold prices in Uzbekistan are renewing record valuations for the fifth consecutive business day. Last week, the 5-gram bar rose by 200,000 UZS.

The Central Bank began selling gold coins to the population in 2018, and two years later, gold bars were added to the offering. Private individuals were granted permission to take them out of Uzbekistan, subject to certain conditions.

These steps were explained as a desire to reduce the Uzbek economy's dependency on foreign currency. Furthermore, according to experts, access to gold will expand opportunities for investment and help safeguard savings.