Gold prices in Uzbekistan reach new heights as global markets soar

On Monday, September 16, prices for gold bars and commemorative coins reached a new record high, according to the Central Bank.

One gram of gold is now valued at 1,097,100 UZS, which is 1.35% higher than last Friday. A 5-gram gold bar is currently priced at 5,486,000 UZS.

This marks the third time the price of gold has reached a new peak since the start of September. Overall, the price has increased by 29.4% since the beginning of the year.

Global gold prices continue to break records. A troy ounce of gold is now trading at $2,585 on spot markets, equivalent to $83.1 per gram.

The Central Bank of Uzbekistan began selling gold coins to the public in 2018, followed by gold bars two years later. Private buyers are allowed to export these items from Uzbekistan, provided certain conditions are met.

These initiatives were introduced to reduce Uzbekistan's economic dependence on foreign currencies. Additionally, experts suggest that providing access to gold expands investment opportunities and helps safeguard savings.

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

According to the Central Bank, as of September 2023, Uzbek citizens have purchased 255 kg of gold bars, with 10-gram bars being the most popular.