Gold bar prices in Uzbekistan reach record high amid surging demand

Simultaneously, collectible gold coins have been temporarily unavailable since last week. Central Bank representatives confirmed to Spot that the current supply of these coins has been depleted. The collectible coins, introduced in 2018, have seen high demand alongside gold bars, which were added to the market in 2020.

The Central Bank's decision to introduce gold bars and coins was part of a broader strategy to decrease Uzbekistan's reliance on foreign currency while promoting investment opportunities and safeguarding local savings. Purchasers are permitted to take these gold items out of Uzbekistan, provided they adhere to regulations.

International gold prices have remained stable following a recent period of growth, with a troy ounce currently trading at $2,753, equivalent to $88.54 per gram. Gold transactions in Uzbekistan are facilitated through commercial banks, which buy and sell these items. Daily prices are updated on the Central Bank's website and its Telegram channel.

As of September 2023, Uzbek citizens reportedly held 255 kilograms of measured gold bars, with the 10-gram bars being particularly popular. Between 2021 and 2023, the Central Bank issued 3,550 commemorative gold coins across five series, totaling 72 kilograms, with 83% of these coins sold as of mid-September last year.