The price of a five-gram gold bar has closely approached the 5 million UZS mark.
On Saturday, April 13, prices for gold bars and commemorative coins reached a new all-time high, as reported by the Central Bank.
Currently, one gram of the precious metal is priced at 998,280 UZS, which is 1.7% higher than before the long weekend. A five-gram gold bar is being sold for 4,991,000 UZS.
The previous price record was set the previous Monday, when the price of a five-gram gold bar exceeded the mark of 4.9 million UZS for the first time. Overall, since the beginning of the year, gold in Uzbekistan has increased in price by 17.7%.
Global gold prices are also rising — at the close of trading on Friday, a troy ounce of gold was valued at $2377, equivalent to $76.4 per gram. However, prices have now slightly decreased.
The CB started selling gold coins to the population in 2018, and two years later, gold bars were added to the offerings. Individual purchasers were allowed to export them from Uzbekistan, with certain conditions.
These measures were explained as efforts 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.
Coins and bullions can be bought and sold through commercial banks. Their prices are updated daily and published on the CB website and in a Telegram bot.
According to the CB, since 2020, Uzbeks have purchased 255 kg of standard gold bars, with 10-gram bars proving to be the most popular.
