Gold bar prices reach record highs in Uzbekistan amid global uncertainty

The Central Bank regularly updates the prices of measured gold bars. According to the quotations published on 4 September, a 5-gram bar was priced at UZS 7.275 million, marking a 5 percent increase in just one week.

Kun.uz calculations show that since the start of 2025, gold bars have appreciated by nearly 29 percent. A 5-gram bar that cost UZS 5.65 million in January rose to UZS 7.27 million by September.

In August, gold prices dipped slightly to UZS 7.03 million, but in September they rebounded to UZS 7.27 million, recording a 3.4 percent monthly gain.

The sharp rise in gold prices this year is directly linked to global markets. Between February and May, geopolitical tensions and the US Federal Reserve’s policies pushed gold sharply higher.

A short-term decline followed in July, but in August–September the price recovered, rising 3.4 percent during this period. Analysts attribute the trend to seasonal demand – especially in Asian markets during the autumn wedding season – as well as global economic uncertainties.

In Uzbekistan’s domestic market, gold prices depend on international quotations. The 29 percent rise since the start of the year underscores gold’s value as a “safe-haven asset” against inflation.

Compared to the same period last year (September 2024 to September 2025), the price of a 5-gram bar has surged by 39 percent.

On Tuesday morning, the spot price of gold stood at $3,508.50 per ounce, continuing a trend that has lifted the metal by nearly one-third this year.

Precious metals are considered a safer investment during times of economic uncertainty. At the beginning of the year, US President Donald Trump’s announcement of broad tariffs that threatened global trade gave prices a significant boost.

Analysts also note that expectations of the US Federal Reserve lowering its benchmark interest rates – making gold more attractive to investors – contributed to the price surge.