Uzbekistan’s precious metal sales surged by 62% in 2024, reaching 2.9 tons

In 2024, sales of precious metals on the commodity and raw materials exchange (UzRТСB) grew by over 60%, according to the exchange’s press service.

A total of 2,912.1 kg of precious metals were sold through exchange trading, marking a 61.78% increase compared to 2023. Of this volume, 2,535.1 kg was gold, with an exchange price of 977,500 UZS per gram. Silver sales reached 377 kg, with an average weighted price of 11,325.2 UZS per gram.

UzRТСB did not disclose the total revenue from precious metal sales. However, based on the volumes and average prices, gold sales amounted to 2.47 trillion UZS (a 2.18-fold increase), while silver sales reached 4.26 billion UZS (+64.2%).

In January this year, entrepreneurs purchased 195.7 kg of gold through the exchange. The average weighted price of gold last month was 1.12 million UZS per gram, and total sales could have exceeded 219 billion UZS.

The initial price of precious metals on the exchange is determined based on the latest morning fixing of the London Bullion Market Association (LBMA) in the national currency, according to the official exchange rate of the Central Bank on the transaction date.

Currently, the LBMA fixing price for one ounce of gold stands at $2,880.8. The sellers of precious metals on the exchange market are AGMK, while buyers include industrial manufacturers and jewelry producers.